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India's Shree Cement to buy 93% of UCC

India's Shree Cement to buy 93% of UCC
One of Shree Cement’s options is to fully acquire UCC

Dubai – Mubasher: Shree Cement Company on Thursday has presented an offer to acquire a 92.8% stake in the UAE’s United Cement Company (UCC) in consideration of $305.2 million.

One of Shree Cement’s options is to fully take over UCC, Al-Khaleej newspaper reported, citing company’s chief financial officer Subhash Jajoo as saying.  

The Indian company plans to expand UCC’s projects in foreign markets and increase its activities, Al-Khaleej reported.