UltraTech Cement eyes 10% share from Middle East market
Last Updated: Friday, September 9, 2011 - 21:59
Mumbai: Aditya Birla Group's cement arm, UltraTech Cement, is eyeing 10 percent 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 percent market share there," UltraTech Chairman Kumar Mangalam Birla told shareholders at the company's 11th annual general meeting here on Friday.
Last year, the company acquired ETA Star Cement to enter into markets like the United Arab Emirates (UAE), Bahrain and Bangladesh.
"The acquisition is in line with long-term strategy of expanding our global presence across businesses and is consistent with our vision of taking India to the world," he said.
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."
First Published: Friday, September 9, 2011 - 21:59