Thilafushi

Raysut Maldives Cement JV Formed; Acquisition of LafargeHolcim Stake Completed

Sunday, October 18, 2020 - 12:32pm

Omans largest cement manufacturer, Raysut Cement Company (RCC), said it has closed the deal of acquiring 75 per cent of LafargeHolcims cement terminal at Thilafushi Island in Maldives, and a new joint venture - Raysut Maldives Cement Pvt.

Key Points: 
  • Omans largest cement manufacturer, Raysut Cement Company (RCC), said it has closed the deal of acquiring 75 per cent of LafargeHolcims cement terminal at Thilafushi Island in Maldives, and a new joint venture - Raysut Maldives Cement Pvt.
  • 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.
  • 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.