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UltraTech to sell its Bangladesh stake to HeidelbergCement for $29.5 million: report
UltraTech Cement Ltd has said it is selling off its entire stake in Bangladesh-based units to Germany's HeidelbergCement for an enterprise value of $29.5 million.
Published : 12 Nov 2019, 02:59 PM
Updated : 12 Nov 2019, 03:01 PM
The units of the Aditya Birla Group firm in Bangladesh are Emirates Cement Bangladesh Ltd or ECBL and Emirates Power Company Ltd or EPCL.
File Photo: Vivek Agarwal, CEO of international business of UltraTech Cement, speaking at the launch of the product in Bangladesh at a Dhaka hotel on Apr 21, 2011.
UltraTech Cement Middle East Investments Limited, UltraTech's UAE-based wholly-owned subsidiary, has entered into a "binding agreement with HeidelbergCement Bangladesh Ltd for divesting its entire shareholding in ECBL and EPCL", The Economic Times reported citing a regulatory filing of the company.
"In terms of the agreement, UCMEIL will divest its entire shareholding at an enterprise value of BDT equivalent of USD 29.5 million subject to obtaining necessary regulatory approvals in compliance with the laws of Bangladesh," it said.
UltraTech Cement had a revenue of around $5 billion in 2018-19 financial year, according to the report.
Its operations span across India, UAE, Bahrain, Bangladesh and Sri Lanka.
Also Read: UltraTech Cement launched in Bangladesh
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