Shree Cement, one of the biggest cement makers in India, has won approval from the company's board to acquire a majority stake in the UAE-based Union Cement Company (UCC), said a report.

With this acquisition, the cement capacity of Shree Cement will increase from present 29.3 million tonnes (MT) per annum to 33.3 MT. The acquisition will also help it create its first footprint outside the country, reported PTI.

“Our board has approved acquisition of minimum of 92.83 per cent of beneficial shareholding in Union Cement for an enterprise value of $305.24 million,” stated the report, citing a company statement.

The deal is likely to be completed in around nine months, it added.

Established at Ras Al Khaimah in 1972, UCC is one of the leading cement makers in the UAE. It is traded on the Abu Dhabi Securities Exchange. It has a clinker capacity of 3.3 MT and cement capacity of 4 MT.