Abu Dhabi - Mubasher: The Government of Ras Al Khaimah has announced completing the acquisition of the UAE Union Cement Company (UCC) by India’s Shree Cement.

The deal was managed by Ras Al Khaimah Investment and Development Office (IDO) on behalf of the government, according to an official statement.

“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,” vice chairman of IDO Khalid bin Saud Al Qasimi commented.

The acquisition of UCC manifests Shree’s strategy to expand overseas, taking the UAE as a launch pad for more investments in the GCC, he added.

“Shree Cement is known for its high-energy efficiency and productivity levels. We want to make Union Cement a World-Class Company,” Vice Chairman of UCC, B G Bangur, said.

The deal’s value was not yet released.