UltraTech Cement Limited, a flagship cement company of India’s Aditya Birla Group, has entered into a strategic partnership with Seven Seas of Oman. The two companies have signed an agreement to invest in Duqm Cement Projects International (DCPI), a subsidiary fully owned by Seven Seas Group.
The investment is aimed at expanding UltraTech’s presence in the region and boosting economic growth.
In a filing to Indian exchanges, UltraTech announced that its wholly-owned subsidiary, UltraTech Cement Middle East Investments, has acquired 70 per cent of DCPI’s equity shares through a share sale and purchase agreement with Seven Seas Company.
The partnership is expected to contribute to the goals of economic diversification and job creation, and the companies are working in close coordination with the Special Economic Zone at Duqm (SEZAD) to fast-track approvals and improve investment conditions.
UltraTech Cements is one of the largest cement producers in the world and the leading cement producer in India.
The company has a cement production capacity of 121mn tonnes in India and is expected to increase this to 159 million tonnes by the end of the financial year 2025. In the Gulf region, UltraTech has manufacturing facilities in the UAE and Bahrain.
Seven Seas, in a press statement, expressed its excitement about the partnership and the positive impact it will have on the economic growth of the region. The two companies are committed to working together to achieve their shared goals and ensure long-term success for Duqm Cement Projects International.
