UltraTech Cement eyeing 10% share from the Middle East
Aditya Birla Group's cement arm, UltraTech Cement , is eyeing 10 per cent share from the Middle East market where it has recently forayed through the acquisition of ETA Star of Dubai. "With the acquisition of ETA Star, we aim to achieve around 10 per cent market share there," UltraTech Chairman Kumar Mangalam Birla told shareholders at the company's 11th annual general meeting. Last year, the company acquired ETA Star Cement to enter into markets like the United Arab Emirates (UAE),Bahrain and Bangladesh. The demand for infrastructure in the Indian Ocean Region (IOR) is growing, he said, adding, "we are focused on investing outside India in this region, where we see a large growth in infrastructure going forward. The investment in ETA is in line with our plan our strategy to leverage in IOR." "We are on the look out for opportunities by way of acquisition etc for expanding our business. The merger with Samruddhi Cement has not only helped us increase our presence pan-India but also resulted in UltraTech emerging as the largest cement company in India and 9th largest in the world," Birla said.