FINANCIAL NEWS

Indian firm to acquire Dubai’s ETA Star

30 Apr 2010

(MENFN) India’s UltraTech Cement announced that it would buy Dubai-based ETA Star Cement for an enterprise value of $380 million, Reuters reported.

The Indian firm aims to get direct access to markets in the Middle East and Bangladesh. It is set to become India’s largest cement producer with 49 million tons when it gets regulatory approval to absorb the cement business of a group firm, said it would have management control of ETA Star.

The firm, however, did not disclose how much equity it would acquire nor the cost, but said the deal would be funded by a mix of debt and internal accruals.

It is worth mentioning that ETA Star’s manufacturing facilities include a 2.3 million tons a year clinker plant and 2.1 million tons grinding plant, both in the UAE, a 0.4-million-ton grinding plant in Bahrain and a 0.5-million-tonne grinding plant in Bangladesh. The company has been awaiting court approval to take over the cement operations of Grasim Industries, a diversified group company.

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