UltraTech to sell its BD unit
Business Desk :
UltraTech Cement Ltd has said it is selling off its entire stake in Bangladesh-based units to Germany's Heidelberg Cement for an enterprise value of $29.5 million.
The units of the Aditya Birla Group firm in Bangladesh are Emirates Cement Bangladesh Ltd or ECBL and Emirates Power Company Ltd or EPCL.
UltraTech Cement Middle East Investments Limited, UltraTech's UAE-based wholly-owned subsidiary, has entered into a "binding agreement with Heidelberg Cement Bangladesh Ltd for divesting its entire shareholding in ECBL and EPCL", said the Economic Times citing a regulatory filing of the company.
"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.
UltraTech Cement had revenue of around $5 billion in 2018-19 financial year, according to the report.
Its operations span across India, UAE, Bahrain, Bangladesh and Sri Lanka.