UltraTech agrees to buy JP Associates' cement plants for nearly Rs 16,000 crore
UltraTech Cement, an Aditya Birla Group company, has agreed to acquire Jaiprakash Associates' cement plants of 21.2 million tonnes per annum (MTPA) capacity at an enterprise value of Rs 16,189 crore.
UltraTech Cement has approved a scheme of arrangement between Jaiprakash Associates, Jaypee Cement Corporation and their respective shareholders and creditors for the acquisition of cement plants.
“The proposed transaction is essentially a 'geographic market expansion' which will lead to UltraTech’s entry into growing markets of India, such as the Satna cluster in Uttar Pradesh (East) and Madhya Pradesh (East), Himachal Pradesh, Uttarakhand and coastal Andhra Pradesh,” UltraTech Cement said in a statement on Monday.
Upon consummation, the company’s cement capacity will stand augmented to 91.1 MTPA including its overseas operations, it noted.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
10:12 PM IST