India' leading cement company UltraTech Cement has acquired Dubai-based ETA Star Cement Company. Both the companies have decided to continue their cement operations in the United Arab Emirates (UAE), Bahrain and Bangladesh. The enterprise value of these assets has been estimated to be about Rs 1,700 crore.

Mr K. C. Birla, Chief Financial Officer of UltraTech Cement has informed that the company has planned its foreign acquisition plan. It would use a mix of internal accruals and borrowings to fund the acquisition in future.

UltraTech Cement belongs to Aditya Birla group of companies and it has announced it's fourth quarter financial report as well. It has been reported that the cement company has managed to post Rs 229 crore of net profit in the fourth quarter that ended in 31st March 2010.

It has been a 26% decrease in the net profit as compared to the same quarter in the preceding year. The sales report of the southern part of India has been disappointing for the company. The lower sales realization in this part of the country has affected UltraTech badly.