Ultratech set to buy Dubai cement firm: Report

UltraTech Cement is set to acquire a 51% stake in Dubai-based Star Cement for an undisclosed sum, which will give it access to Asian and African markets, the Mint newspaper reported on Wednesday.

Officials at the two firms have agreed to a deal and lawyers are working on it, the report said, citing two unnamed people familiar with the development.

UltraTech is set to become India's largest cement maker with a capacity of 49 million tonnes per year, after its proposed takeover of the Aditya Birla group's cement businesses later this year.

Star Cement, an associate company of UAE conglomerate ETA Ascon Star, has a total installed capacity of 3.8 million tonnes a year, with a presence in growing markets such as Bahrain, Sudan and Bangladesh, the paper said.

Officials at the Dubai firm did not respond to phone calls and e-mail queries, while the Birla group spokeswoman declined to comment, the paper said.

Officials at Ultratech were not immediately available for comment when contacted by Reuters.

In February, Oman's Raysut Cement had said it was planning a bid to buy Star Cement.