UAE: India’s Shree Cement has purchased Union Cement Company (UCC) based in the UAE for US$305m. Its board approved the acquisition of at least a 92.8% share in the company, according to the Press Trust of India. The transaction is expected to be completed by September 2018. Following the deal Shree Cement’s cement production capacity will rise to 33Mt/yr from 29.3Mt/yr. The acquisition is the company’s first outside of India.
UCC was established in 1972. It operates a cement plant Ras Al- Khaimah with a clinker production capacity of 3.3Mt/yr and a cement production capacity of 4Mt/yr.
