Monday, November 30, 2020
News
NEWS HOME
»
PRN INDIA
Raysut Maldives Cement JV Formed; Acquisition of LafargeHolcim Stake Completed
  SocialTwist Tell-a-Friend  
   

75 per cent takeover of cement terminal at Thilafushi Island to increase market presence in the Indian Ocean country

MUMBAI, Oct. 26, 2020 /PRNewswire/ -- Oman's largest cement manufacturer, Raysut Cement Company (RCC), said it has closed the deal of acquiring 75 per cent of LafargeHolcim's cement terminal at Thilafushi Island in Maldives, and a   new joint venture - Raysut Maldives Cement Pvt. Ltd. - has been formed.

The new entity with State Trading Organization (STO) of Maldives owning 25 per cent has  plans to expand the terminal's capacity, currently 75,000 tons per annum, by more than 100 per cent in future to over 200,000 tons per annum.

This acquisition opens a corridor of trade between Oman and Maldives not only in the cement industry with Raysut Cement but also in other areas which will benefit both economies. Raysut cement are proud to have opened this new economic relationship.  

"The Maldives acquisition will boost Raysut' s profitability and production to full capacity, particularly of its plant in State of Salalah in Sultanate of Oman, Raysut Cement Company this year faced economic conditions, including the economic conditions that resulted from the global spread of the Covid-19 virus," said Sheikh Ahmed Yousef Alawi Al Ibrahim, Chairman of RCC Group.

The terminal will be owned and operated by the RCC-STO joint venture entity.

The takeover of the terminal in the Indian Ocean country marks a new phase for the Muscat Stock Market (MSM) listed Raysut since it will be adding a new geography to its strategic global investment plan.

"Our foray into Maldives will help drive self-sufficiency of cement in Maldives, which currently is predominantly an import market. Raysut is looking at adding local value in Maldives by installing production facilities to ensure there is at least 40% local content. This will also make the market more competitive from a price point which will have its positive impact on infrastructure development in the island nation," said RCC GCEO, Mr. Joey Ghose.

"This is a milestone investment for Raysut since the cement major will be pitching into a market supplied currently by other players from South Asia. It is also a significant move reinforcing its strategy to diversify from only being a South Oman based player to grow into a global player in the cement industry, RCC in Maldives will be competing with cement players from India, Indonesia and Malaysia" said Acting Deputy Group CEO, Mr. Salim Ahmed Alawi Al Ibrahim.

"The acquisition followed by the formation of the new JV will cement Raysut' s position further as an emerging global cement player with significant overseas presence in markets of Middle East and East Africa, said RCC GCEO, Mr. Joey Ghose.

He said the move to invest in Maldives is in line with the corporate strategy of Raysut to expand its footprint into global markets and be a partner in developing countries where it will invest with established local partners.

Contact Person:
Mr. B.S. Rajan
Group Head, Mergers and Acquisitions.
Mobile: +971 503737014

Notes to editors:

About  Raysut Cement Company S.A.O.G:

Raysut, headquartered in State of Salalah in Sultanate of Oman, is a leading cement company in the Middle East, with clinker and cement manufacturing assets in Oman, Yemen and the UAE. Raysut has 3.6 million tons of integrated cement manufacturing capacity in Salalah.

Raysut Group has a combined aggregate output capacity of over 10 million tons of Cement per annum from all its regional and international manufacturing plants.

For more details, visit: https://raysutcement.om/  

About  Pioneer Cement Industries:  

Pioneer Cement Industries was incorporated in 2004 and is part of Oman based Raysut Cement Company SAOG.  Pioneer operates a state-of-the-art integrated cement plant with a capacity of 1.5 million ton of cement.  The plant is located 45km north of Ras al Khaimah and about 1 hour from Dubai, UAE.  The company is one of the market leaders in the UAE and also exports its product to regional markets.  The plant produces high quality cement which meets British, European and American standards.

For further clarifications contact:
Anil Mathews
CEO
Mathewson Brand & PR Consultants
+91-9820480317

Photo: https://mma.prnewswire.com/media/1319880/rasyut_factory.jpg

More News by PR Newswire India

BigRock Announces Black Friday Sale with up to 58% OFF on Web Hosting, Domains and more

HostGator India Announces Black Friday & Cyber Monday Discounts on Web Hosting, Domains, Email Hosting and More

Media Alert: Kimpton Maa-Lai Bangkok launches the first in Asia tactile hotel reviews

European Medicines Agency Validates Application for Tepotinib for the Treatment of Advanced NSCLC with METex14 Skipping Alterations

Haoma Medica Completes First-in-Human Trial for NaQuinate, a Novel Treatment in Development for Osteoporosis

Successive Technologies Appraised at CMMI Level 3

Papuan Pastor Questions BBC Reports on Indonesian Palm Oil Company Korindo

Sony Music Brazil launches new programme to boost digital transformation in the Brazilian music industry

'Great Place to Work® India' institute recognizes HashedIn as India's Best Workplaces in IT & IT-BPM 2020

Simplilearn Launches SkillUp Program for Tech Professionals

AstraZeneca's signs MoU with Indian Diabetes Research Society (RSSDI) to empower 1 Crore Indian Diabetic patients by 2023

Xinhua Silk Road: Red Xifeng debuts at NEXT Summit (Sky 2020), spreading Chinese liquor culture through cooperation

Glenmark Pharmaceuticals secures its position in the prestigious Dow Jones Sustainability Emerging Markets Index for the third year in a row

Peak performance as Chengdu cleans up with park city vision

ResellerClub offers Black Friday Deals of up to 60% off on Web Hosting & Domains

Tuxera First to Bring Network Bandwidth-Saving SMB Compression Feature to Linux Environments

Autotech Co Hong Kong Limited Completes Two-Year Autonomous Research Project

Eightfold AI Raises $125M Series D Funding Round to Provide the Right Career for Everyone in the World

Statement from XTX Markets: fraudulent company claiming to be affiliated with XTX Markets

Azure Databricks Achieves FedRAMP High Authorization on Microsoft Azure Government (MAG)

Frost & Sullivan Examines 8 Strategic Imperatives for Growth in a Post-COVID World

Sirtex Medical and China Grand Pharmaceutical announce SIR-Spheres® Y-90 resin microspheres milestone

5 Ways to Combat Fraud During the Holidays

QS release annual list of Asia's best universities

Home relocation services see more takers in WFH world

Agora Powers Innovative Virtual Experiences Beyond Video Conferencing

Frost & Sullivan Reveals Four Key Areas Driving Growth of the Global Gigabit Ethernet Testing Market

Habanos, S.A. Has Presented the World Premiere Of H. Upmann Connossieur No.2 in Berlin

Virtual Events Platform Airmeet Launches Multi-Track Event Format, Good for Mega-Conferences with Exhibition Booths

GEP Wins Top Honors at Asia Pacific's Prestigious Procurement Success Awards

LONGi supplies 273MW of its solar modules for Southeast Asia's largest solar plant, Phase I of the Xuan Thien Ea Sup Project in Dak Lak, Vietnam

Clarivate Pledges Support for the Women's Empowerment Principles

Managing strategic risk for global companies

SoftIron's Open Source-Based HyperDrive® Storage Solution Verified Veeam Ready

Kavalan Launches Limited Edition 'Artist Series'

Global healthcare experts concerned over rising environmental toxicity and its impact on maternal health in low- and middle-income group countries, including India

The Himalaya Drug Company Introduces Q-DEE Range of Mouth Dissolving Tablets for Immunity and Cramps

Frost & Sullivan awards Digital14 'Company of the Year' in the United Arab Emirates cybersecurity services industry

D-Link Smart Home Products Acquire Taiwan Excellence Award

QAD Adaptive ERP 2020.1 Achieves Veracode Verified Standard Status

Future of digital payments - What's next for India's Digital Space: Lyra Network

Hon'ble Education Minister, Shri Ramesh Pokhriyal 'Nishank' launches various initiatives of Sri Aurobindo Society and HDFC Bank

2020 Global Terrorism Index: Deaths from terrorism reach five-year low, but new risks emerge

Deepak Nitrite ranked and recognized by Forbes Asia as Best Under Billion Top 200

Hiring & Exit Trends Making a Healthy Return to Pre-COVID levels: A data-driven perspective - PeopleStrong

ZTE and GSMA Intelligence Release White Paper on Green 5G - 5G Energy Efficiencies, Green is the New Black

She one of Asia's Top 30 Under 30 and one of Top 30 Women Transforming India. Meet UTS alum Madhavi Shankar.

MedAlliance announces successful completion of enrolment in ISABELLA clinical trial for the treatment of failing AV fistulas in hemodialysis patients

SW China's Chengdu to host event on international supply chain innovation

Cision's New Analytics Dashboards and Interactive Reports Make It Faster and Easier to Demonstrate the Real Business Impact of Earned Media

Adjust Joins Adobe Exchange Partner Program to Enhance App Marketing Measurement, Fraud Prevention and Reporting for Digital Advertisers

Impartner Announces Live 3D Virtual Summit Featuring Top Channel Analysts Jay McBain and Maria Chien

Frost & Sullivan Inspects the Growth Trajectory of Solar PVs Over the Next Decade

ViewSonic Unveils vTouch to Facilitate Multi Touch for macOS

Empire State Realty Trust Achieves GRESB 5 Star Rating in First Year of Participation

Advanced Water Purification Technologies Promise to Deliver Clean and Safe Water to the Global Population

PwC Actuarial Services Hails Aon's PathWise® Platform for IFRS 17 Reporting

STRATACACHE Hires Digital Signage and Retail Veteran to Spearhead Scala Business Development in Canada

The cost of one dose of the Sputnik V vaccine will be less than $10 for international markets

FARO® Launches Latest Vantage Laser Tracker 6DoF Probe

World's Airports And Leading Airlines Join CommonTrust Network And Begin Roll-out Of CommonPass In December In Support Of Safer Border Reopening

Absolut and Beatport Launch NYE 2020 - a 20+ Hour, 15-city, Global New Year's Eve Live Stream Party to #DanceAway2020

Second interim analysis of clinical trial data showed a 91.4% efficacy for the Sputnik V vaccine on day 28 after the first dose; vaccine efficacy is over 95% 42 days after the first dose

Surge in Global Demand for Personal Mobility Brings New Momentum to Two-wheeler Industry, Says Frost & Sullivan

Frost & Sullivan Presents 5 Technology Growth Opportunities in Sensors and Automation for 2021

Signature Event By Cosmoprof India, A Niche B2B Show For The Beauty Industry, To Be Held On 22-23 February 2021 In Mumbai

Genesys Named a Leader in the Gartner 2020 Magic Quadrant for Contact Center as a Service

ANMI kickstarts 'Investor Awareness Week-2020' under the aegis of SEBI

XCMG launches X-GSS at Bauma China 2020, shows how to go digital in machinery manufacturing

Teachings of Guru Nanak are timeless and are more relevant in today's scenario says spiritual guru Sri Sri Ravi Shankar

Freelance on Demand: Rozgaar India to help Businesses adjust to changing times

SHIELD Announces DeviceSHIELD to Protect Small Businesses from Cyber Fraud During the COVID-19 Pandemic

INSIGHTEC Announces MR-guided Focused Ultrasound to Treat Essential Tremor Received Funding by National Health Service (NHS) England

Smytten - India's largest premium product trial platform, launches their new brand campaign: #BeSomethingNew

Atos awarded with the best CSR project for environment and sustainability in India

Crayon Data's Relevance Quotient Report 2020 Explains the Trends and Patterns of Personalized Banking

Philippines Launches New International Investment Promotion Brand Highlighting Its "Make It Work" Potential

Sinopec kickstarts extensive research on CO2 emissions peak and carbon neutral

HGC honoured with Best OTT Partnership Award

World Leaders and Millions of Citizens Call for Peace at Third Online Rally of Hope

New Centre for Medicines Research (CMR) Clinical Factbook From Clarivate Highlights Increasing Cost and Complexity of Phase II Trials

NPL and Cambridge Quantum Computing (CQC) collaborate in quantum computing

Syngenta Crop Protection announces launch of Spiropidion: a new insecticide active ingredient

Oslo, Los Angeles, Mexico City, Budapest Commit to Clean Construction, Moving the Industry Towards a Sustainable Future

Cobwebs' Threat Intelligence Solutions

American Wave Machines, Inc. Announces Two PerfectSwell® Projects

Yili's dollar bond debut wins the highest international credit rating

Which Windows Internet Security Software protects you best and which slows down your workstation

PR Newswire Publishes 2020 Tech Media Pitching Kit

Singapore-based startup Plano Wins World's Most Innovative HealthTech Startup 2020 Award

Longitude Prize launches AMR Voices: Stories from the frontlines of antibiotic resistance during Covid-19

Clarivate Strengthens IP Offering in Mainland China with New Domain Registrar License

Venture Global LNG Awards KBR EPC Contract for Plaquemines LNG Export Facility

Texas Cardiac Arrhythmia Institute at St. David's Medical Center to host virtual international symposium on complex cardiac arrhythmias

Volvo Financial Services Realigns Asia Pacific Organization to Better Serve Customers

Transforming the Future of Digital Health Management - Enjoy a More Fulfilling Life With Zepp

Philip Wong Joins Vasayo as President of Greater China Region

Enterprise Holdings Pledges $120 Million to Advance Social and Racial Equity and Expand the Fight Against Hunger

Tony Blair Institute and Oracle Launch Africa Vaccine Management in the Cloud

GemVax & KAEL reports further positive data from GV1001 Phase II Alzheimer's Disease trial

Xinhua Silk Road: Wuliangye joins Chinese business leaders to promote digital productivity in Asia Pacific

Fresenius Kabi and ASPEN partner for an expert interview series on omega-3 fatty acid containing parenteral nutrition

HarperCollins India is delighted to announce the acquisition of two new books by bestselling author, Preeti Shenoy

2020 TADS Awards Winners Announced At "TADS AWARDS GALA 2020" Presentation Ceremony Hosted in Hong Kong

CDNetworks Releases State of the Web Security for H1 2020: Web Application Attacks Boosted Over 800%

Recently published data on Favipiravir as treatment for mild to moderate COVID-19 demonstrates significant improvement in time to clinical cure

Zentiva Continues Its Planet-Z Program For A Healthier Planet By Planting 4,500 Trees In Portugal

Frost & Sullivan Recognizes Menlo Security as a Growth and Innovation Leader in the Asia-Pacific Web Security Market

Godrej Interio launches essential range, ushering festivities in India

Zymo Research Receives CE IVD Mark for its Quick-DNA/RNAâ„¢ Viral MagBead Kit

Indira IVF is now in 93 centres across India

Creation of a research partnership between Pierre Fabre and Y-Biologics for the development of new immunotherapies based on monoclonal antibodies

GCash overtakes popular brands in local app rankings

G20 Riyadh Summit: Release of Leaders' Declaration

CGTN: China calls for more inclusive development in post-COVID world

Family Photo from Today's Opening Session of the G20 Riyadh Summit

OPENING REMARKS: G20 Riyadh Summit

GAC MOTOR Lands in Chile With Its GS4, GS3, and GA4, building up strength in South America and Accelerating Global Expansion

 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
INDIA WORLD ASIA
Our goal is to establish Gandhi's Ram Ra...
Agri sector made positive contribution i...
7 alleged Maoists surrender before polic...
Sanjay Dutt of Quantum Securities, wife ...
Delhi govt issues WFH orders for 50 pc o...
PM Modi hails Indian-origin New Zealand ...
More...    
 
 Top Stories
7 alleged Maoists surrender before ... 
Murder of Iranian scientist contrad... 
Pakistan Army opens fire at unarmed... 
Agri sector made positive contribut... 
Uptick in COVID-19 cases due to Tha... 
Illegal gun factory unearthed in Bi... 
India fall to 51-run defeat; Austra... 
Demand for BIS certified two-wheele...