India’s UltraTech acquires 51 percent stake in Oman’s Awam Minerals
04 Nov 2014
(MENAFN) UltraTech Cement Middle East Investments, a wholly owned subsidiary of India’s largest cement manufacturer UltraTech Cement, announced acquireng a majority stake in Omani gypsum mining firm Awam Minerals LLC, Oman Observer reported.
UltraTech Cement Middle East Investments, which is a part of the Indian-based Aditya Birla Group, a USD40 billion Fortune 500 corporation, said it had acquired a 51 per cent equity stake in Awam Minerals, which has a license to mine substantial gypsum deposits, which accounts for about 5 percent of the raw material inputs that go into the cement manufacturing process, in the south of Oman.
Awam Minerals’ gypsum license will serve as a captive mine for the massive network of cement plants owned and operated by UltraTech Cement in India, with the company currently having a capacity of 62 million tons per annum (MTPA), as well as operating two grinding units and a plant in the UAE, as well as a grinding unit in Bahrain through its Middle East subsidiary.
UltraTech Cement is also India’s largest exporter of cement across markets around the Indian Ocean and Middle East, with the company providing a range of products that fulfills all the needs from laying the foundation to delivering the final touches of a construction project in terms of cement.