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Shree Cement has received approval from its board, to acquire majority share in the UAE based Union Cement Company (UCC) for USD 305.24 million.
The company said in a statement, “Our board has approved acquisition of minimum of 92.83% of beneficial shareholding in Union Cement for an enterprise value of USD 305.24 million.”
Further it said that, the deal is expected to be completed in approx 9 months. Post acquisition the capacity of Shree Cement will increase from current 29.3 million tonne per annum to 33.3 mt.
