UltraTech considers buying stake in Kenya’s ARM Cement: report
Nairobi/Mumbai: UltraTech Cement Ltd, backed by K.M. Birla, may buy a controlling stake in ARM Cement Ltd of Kenya, a Nairobi-based newspaper reported.
ARM announced on 23 December it’s in talks with an unidentified institutional investor about a $125 million investment. Chief executive officer Pradeep Paunrana declined to comment on Tuesday when Bloomberg called him, citing regulatory compliance.
Pragnya Ram, a spokeswoman for the Aditya Birla Group that controls UltraTech, didn’t immediately respond to an e-mail and a text message seeking comment.