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News HeidelbergCement to take over Ultratech’s stake in Emirates Cement

HeidelbergCement to take over Ultratech’s stake in Emirates Cement

Written by Global Cement staff 10 September 2019
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Bangladesh: Germany’s HeidelbergCement will purchase Ultratech’s stake in Emirates Cement, the owner of the 0.5Mt/yr Emirates grinding plant in Dhaka. NewAge Business has reported that Ultratech, a subsidiary of India’s Aditya Birla Group, has set the price of the stake at US$32.1m.

Ultratech first produced cement in Bangladesh following Aditya Birla Group’s acquisition of ETA Star Cement in April 2010, when it bought into the latter’s Bangladeshi subsidiary Emirates Cement for an estimated investment of US$382m. The divestment of its sole Bangladeshi asset awaits bank approval.

Bangladesh produces 58Mt/yr of cement, exceeding a market demand of 31Mt/yr. Of the 75 producers in the country, only 35 are actively making cement.

Last modified on 11 September 2019
Published in Global Cement News
Tagged under
  • Bangladesh
  • Germany
  • HeidelbergCement
  • India
  • UltraTech Cement
  • UAE
  • Emirates Cement
  • Star Cement
  • GCW422
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