Manufacturing India’s UltraTech offers to boost stake in RAK Cement By Pramod Kumar May 28, 2024, 7:20 AM Pexels/Life of Pix The UAE subsidiary of India's UltraTech Cement will hold 61 percent in RAK Cement if the offer is successful India’s UltraTech Cement has offered to acquire a 31.6 percent stake in Abu Dhabi-listed RAK Cement Co for White Cement and Construction Materials (RAKWCT). The Indian cement producer’s wholly owned subsidiary in the UAE, UltraTech Cement Middle East Investments, bought a 29.4 percent stake in RAKWCT in April 2022 for $101 million. The UAE subsidiary plans to acquire 158 million shares, RAKWCT said in a statement published on the Abu Dhabi bourse. NewsletterGet the Best of AGBI delivered straight to your inbox every week The share offer period will run from May 28 to June 24, 2024, UltraTech Cement said in a statement to the Bombay Stock Exchange. UltraTech Cement Middle East will hold 61 percent in the RAK cement producer if the offer is successful. Indian investment in GCC falls despite increased trade ADIA consortium bids for stake in India’s largest snack maker India’s silver imports from UAE on the rise Turnover of RAKWCT, which was incorporated in September 1980, reached nearly $70 million last year. UltraTech Cement has a combined capacity of 120 million tonnes per annum of grey cement.