Shares of Ultratech were down after the company announced an acquisition by its Middle Eastern subsidiary.

What Happened: UltraTech Cement Middle East Investments, a unit of Mumbai-based Ultratech Cement, has acquired an additional stake in United Arab Emirates-based Ras Al Khaimah Co. for White Cement and Construction Materials, it said in a press release on Wednesday.

The cement major has acquired 12.50 crore shares in the company. The latest acquisition represents a 25% stake in the UAE firm, increasing the Ultratech unit’s total shareholding in the company to 54.39% and turning the former into a subsidiary.

See Also: Tata Elxsi’s Net Profit Dips 2.5%, Revenue Jumps 9%

Ultratech's India Play: Back home in India, a cement war is brewing among industry majors. Industrialist Kumar Birla, the head of Ultratech, is reportedly back in the race to acquire Orient Cement to strengthen its foothold in south India.

UltraTech is in advanced discussions with CK Birla, Kumar Birla's uncle and the promoter of Orient Cement after talks resumed recently, according to reports earlier this month.

Birla’s re-entry into the competitive arena highlights his bid to strengthen Ultratech’s position in the cement sector as he aims to surpass Adani. However, specifics regarding the potential deal or other contenders for Orient Cement are still under wraps.

Price Action: Ultratech was trading 0.22% lower at ₹11,608.45 on Thursday.

Read Next: Why Morgan Stanley Thinks Govt Shouldn’t Cut Taxes In The Upcoming Budget