India’s UltraTech Cement has stated that its plan to divest non-core assets in China, the UAE and Europe, is progressing well. It has also announced that it is looking to exit the Bangladesh market.
“We are also exploring opportunities to exit Bangladesh, where we have a small grinding unit of 0.6Mt. All the proceeds from these asset disposals will help bring down our leverage position further,” said Atul Daga, CFO, following the company’s 2Q earning announcement.
The Bangladeshi unit is part of Dubai-based ETA Star Cement, in which UltraTech acquired a majority stake in 2010 for US$380m, according to the Economic Times.