India’s Ultratech Cement acquires majority stake in Omani gypsum miner

By James Sean Dickson
Published: Tuesday, 04 November 2014

India’s requirement for gypsum in its expanding construction industry cannot be met by domestic production, due to a country-wide scarcity of the mineral. With this stake acquisition, Ultratech is looking further afield to ensure a low-cost supply of the cement feedstock material.

Ultratech Cement, India’s largest cement manufacturer, has acquired a majority stake in Oman-based gypsum miner Awam Minerals LLC via its subsidiary, Ultratech Cement Middle East Investments.

The 51% stake acquisition is likely related to an increase in local cement demand, caused by...

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