India’s Shree Cement has completed the acquisition of the Ras al-Khaimah-based Union Cement Company (UCC).

UCC was established in 1972. Located near to Ras al-Khaimah’s Saqr Port, its operations have a clinker capacity of 3.30 million tonnes a-year (mt/y) and cement capacity of 4.00 mt/y. It deals with a variety of cements including Ordinary Portland Cement, Sulphate Resisting Cement and Oil-Well Cement.

The UCC purchase is Shree Cement’s first entry into overseas markets. The company views Ras al-Khaimah as a strategic location giving access to export markets in the Gulf, wider Middle East and East Africa. With the UCC acquisition, Shree Cement’s total cement production capacity has increased from 37.9 mt/y to 41.9 mt/y.

Before the acquisition by Shree Cement, UCC was a listed company on the Abu Dhabi Securities Exchange (ADX). It has now been de-listed from ADX and converted into a private joint stock company.

The transaction was managed on behalf of the Ras al-Khaimah government by the Investment and Development Office (IDO).