New Delhi: UltraTech Cement Ltd is selling its entire stake in Bangladesh-based Emirates Cement Bangladesh Ltd (ECBL) and Emirates Power Company Ltd (EPCL) for RS 211 crore to HeidelbergCement (a Germany based company).
UltraTech Cement Middle East Investments Limited (UCMEIL), UltraTech Cement’s wholly-owned subsidiary which is based in the UAE, has signed a binding agreement with HeidelbergCement Bangladesh Ltd for divesting its entire shareholding in ECBL and EPCL, the Aditya Birla Group firm said in a regulatory filing.
“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.