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UltraTech Cement signs partnership deal with Seven Seas in Oman

1 Feb 2023 By OUR CORRESPONDENT

Muscat – A strategic partnership agreement was signed between UltraTech Cement Limited, the flagship cement company of India’s Aditya Birla Group, and Oman-based Seven Seas Company to invest in Duqm Cement Projects International (DCPI).

Duqm Cement Projects International, which is based in the Special Economic Zone at Duqm (SEZAD), was fully owned by Seven Seas Company.

In its filing to the Indian exchanges on Monday, UltraTech said that its wholly-owned UAE-based subsidiary UltraTech Cement Middle East Investments has entered into a share sale and purchase agreement with Seven Seas Company for the acquisition of 70 per cent equity shares in Duqm Cement Projects International.

‘The partnership [with UltraTech] is expected to contribute to the twin national objectives of economic diversification and employment generation,’ Seven Seas Company said in a press statement on Wednesday.

It said the team is working in close coordination with SEZAD officials to fast-track various approvals, infrastructure and providing investment environment in the Special Economic Zone at Duqm.

UltraTech is one of the largest cement producers in the world. The company, which is the leading cement producer in India, currently has a cement production capacity of 121mn tonnes in India which is expected to go up to 159mn tonnes by the end of financial year 2025.

In the Gulf region, UltraTech has manufacturing facilities in the UAE, and Bahrain.

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