Classifieds | Archives | Jobs | About TGT | Contact | Subscribe
 | 
Last updated 1 minute ago
Printer Friendly Version | TGT@Twitter | RSS Feed |
HOME LOCAL MIDEAST ASIA WORLD BUSINESS SPORT OPINION WRITERS
RAK completes FDI transaction with Indian firm
BY OUR BUSINESS BUREAU July 12, 2018
 Print    Send to Friend

Ras Al Khaimah: The Government of Ras Al Khaimah has completed a Foreign Direct Investment (FDI) deal with India’s Shree Cement. The agreement completes the acquisition of the emirate’s Union Cement Company (UCC) by Shree Cement exactly six months to the day after the initial deal announcement was made on Wednesday. The transaction was managed on behalf of the Government by the Investment and Development Office (IDO) of Ras Al Khaimah.

Established in 1972, UCC is one of the leading cement manufacturers in the UAE. Prior to acquisition by Shree Cement, UCC was a listed company on the Abu Dhabi Securities Exchange (ADX). It has now been de-listed from ADX and converted into a Private Joint Stock Company.

The UCC purchase marks Shree Cement’s first foray into overseas markets, with the Emirate providing a strategic location from which to grow business across export markets in the Arabian Gulf, Middle East and East Africa from a strong operational base. Shree Cement’s commitment to continue to invest in the growth of UCC operations and resources played a pivotal role in the Government’s decision to pursue the deal.

Sheikh Khalid Bin Saud Al Qasimi, Vice Chairman of the Investment and Development Office, said: “The Investment and Development Office is pleased that Shree Cement chose Ras Al Khaimah as its first international base in a deal that will see one of the biggest players in the cement industry operate outside of its domestic market for the first time. Shree’s management team knows that our Emirate has the economic structure in place to conduct successful business – including a transparent rule of law, regulations that contribute to the ease of doing business, and a long-term commitment to fostering further growth and development for our partners in businesses and industry.”

Mohamed Sultan Al Qadi, Member of the Board of Directors of the Investment and Development Office, said: “Ras Al Khaimah has developed an economic environment that is attractive to foreign direct investment – which is clearly demonstrated by this transaction. The Government of Ras Al Khaimah is committed to growing its assets and divesting them only once our criteria are met and when the time is right for the Emirate and its people.”

B G Bangur, newly appointed Vice Chairman Union Cement Company and Chairman, Shree Cement said: “It is a historic moment for us as this is our 1st acquisition outside India. We are happy to be here. I feel delighted to interact with His Highness Sheikh Saud Bin Saqr Al Qasimi – Ruler of Ras Al Khaimah – and his modern leadership approach. Shree Cement is known for its high-energy efficiency and productivity levels. We want to make Union Cement a World-Class Company.”

UCC operations have a clinker capacity of 3.30 MTPA and cement capacity of 4.00 MTPA and deals with a variety of cements including Ordinary Portland Cement, Sulphate Resisting Cement and Oil-Well Cement. With this acquisition, the aggregate cement capacity of Shree Cement has increased from the present 37.9 MTPA to 41.9 MTPA. The UCC plant is located in close proximity to Ras Al Khaimah’s Saqr Port, which provides direct access to the export markets across the region.Ras Al Khaimah: The Government of Ras Al Khaimah has completed a Foreign Direct Investment (FDI) deal with India’s Shree Cement. The agreement completes the acquisition of the emirate’s Union Cement Company (UCC) by Shree Cement exactly six months to the day after the initial deal announcement was made on Wednesday. The transaction was managed on behalf of the Government by the Investment and Development Office (IDO) of Ras Al Khaimah.

Established in 1972, UCC is one of the leading cement manufacturers in the UAE. Prior to acquisition by Shree Cement, UCC was a listed company on the Abu Dhabi Securities Exchange (ADX). It has now been de-listed from ADX and converted into a Private Joint Stock Company.

The UCC purchase marks Shree Cement’s first foray into overseas markets, with the Emirate providing a strategic location from which to grow business across export markets in the Arabian Gulf, Middle East and East Africa from a strong operational base. Shree Cement’s commitment to continue to invest in the growth of UCC operations and resources played a pivotal role in the Government’s decision to pursue the deal.

Sheikh Khalid Bin Saud Al Qasimi, Vice Chairman of the Investment and Development Office, said: “The Investment and Development Office is pleased that Shree Cement chose Ras Al Khaimah as its first international base in a deal that will see one of the biggest players in the cement industry operate outside of its domestic market for the first time. Shree’s management team knows that our Emirate has the economic structure in place to conduct successful business – including a transparent rule of law, regulations that contribute to the ease of doing business, and a long-term commitment to fostering further growth and development for our partners in businesses and industry.”

Mohamed Sultan Al Qadi, Member of the Board of Directors of the Investment and Development Office, said: “Ras Al Khaimah has developed an economic environment that is attractive to foreign direct investment – which is clearly demonstrated by this transaction. The Government of Ras Al Khaimah is committed to growing its assets and divesting them only once our criteria are met and when the time is right for the Emirate and its people.”

B G Bangur, newly appointed Vice Chairman Union Cement Company and Chairman, Shree Cement said: “It is a historic moment for us as this is our 1st acquisition outside India. We are happy to be here. I feel delighted to interact with His Highness Sheikh Saud Bin Saqr Al Qasimi – Ruler of Ras Al Khaimah – and his modern leadership approach. Shree Cement is known for its high-energy efficiency and productivity levels. We want to make Union Cement a World-Class Company.”

UCC operations have a clinker capacity of 3.30 MTPA and cement capacity of 4.00 MTPA and deals with a variety of cements including Ordinary Portland Cement, Sulphate Resisting Cement and Oil-Well Cement. With this acquisition, the aggregate cement capacity of Shree Cement has increased from the present 37.9 MTPA to 41.9 MTPA. The UCC plant is located in close proximity to Ras Al Khaimah’s Saqr Port, which provides direct access to the export markets across the region.

Add this page to your favorite Social Bookmarking websites
Comments
 
Post a comment
 
Name:
Country:
City:
Email:
Comment:
 
    
    
Related Stories
DBWC, Serbia to enhance economic relations
DUBAI: The Dubai Business Women Council (DBWC) held a meeting to discuss ways to enhance the economic relations between business women of Dubai and Serbia, and enact join..
Gulftainer, ATCUAE to facilitate cargo transit
SHARJAH: Momentum Logistics (Momentum), the logistics division of Gulftainer, the world’s largest privately owned independent port operator and logistics company, based i..
UAE, Canada to deepen trade ties in various key sectors
ABU DHABI: Suhail Al Mazrouei, Minister of Energy and Industry, has visited Calgary in Canada’s western Province of Alberta from July 8th-11th, to attend the inaugural Ca..
DLD, DP join hands to support real estate
DUBAI: The Dubai Land Department (DLD) has announced a strategic partnership with Dubai Properties (DP), a member of Dubai Holding, to promote Dubai’s real estate sector...
UAE automobile sector beaming with optimism
DUBAI: With the on-set of 2018, the UAE’s vibrant automobile sector has witnessed a paradigm shift. The industry is beaming with optimism and positive indicators of anoth..
FRONTPAGE
 
GALLERY
 
PANORAMA
 
TIME OUT
 
SPORT
 
 
Advertise | Copyright