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Business EconomyPosted at: Apr 1 2016 1:00PM


Jaiprakash Asociates sells cement plants to UltraTech for Rs 15900 crore

Mumbai, Apr 1 (UNI) Jaiprakash Associates (JAL), a diversified infrastructure conglomerate and a part of Jaypee Group, announced that the board of directors of the company have approved the definitive agreement with UltraTech Cement (UTCL) worth Rs 15,900 crore for sale of part of its cement business.
The company has sold cement plants with an aggregate capacity of 17.20 MTPA spread over the states of Uttar Pradesh, Madhya Pradesh, Himachal Pradesh, Uttarakhand and Andhra Pradesh. Besides a grinding unit of 4 MTPA capacity which is currently under implementation in Uttar Pradesh will also be sold to UTCL.
However, both JAL and UTCL have mutually agreed to exclude the Shahabad plant in Karnataka from the transaction. Further, an additional amount of Rs 470 crore shall be paid by UTCL for completion of the grinding unit under implementation.
Upon consummation, UTCL's cement capacity will stand augmented to 91.1 mtpa including its overseas operations.
The acquisition is expected to take around 12 to 14 months to consummate and is subject to receipt of applicable statutory and regulatory approvals.
Manoj Gaur, executive chairman, Jaypee Group, said, ''Jaypee Group has time and again shown its unflinching will to take proactive steps to help it tide over these turbulent times caused by economic slowdown. The Group is determined to leverage its expertise in the fields of engineering & construction, real estate and project
execution, in a committed manner and such steps would further cement its credentials of being a trust worthy organization in the long run.''
Reacting to the news Shares JAL gained Rs 1.02, or 13.35, to trade at Rs 8.66 t noon it recorded the intraday high of Rs 8.99 and intraday during yjhe day
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Tags: #Jaiprakash Asociates sells cement plants to UltraTech for Rs 15900 crore
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