Friday, March 29, 2024
HomeNewsDalmia Bharat To Acquire Cement Assets Of Jaypee Group

Dalmia Bharat To Acquire Cement Assets Of Jaypee Group

The Jaypee Group has announced the signing of a binding agreement to sell its cement business to Dalmia Cement (Bharat) for Rs 5,666 crore (around $687 million).

The binding agreement was signed by Jaiprakash Associates Limited (JAL) and its associate company, namely, Jaiprakash Power Ventures Limited.

The deal includes cement plants with a capacity of 9.4 million tonnes, clinker plant with a capacity of 6.7 million tonnes and a 280MW thermal power plant.

The plants are are located in Madhya Pradesh, Uttar Pradesh, and Chhattisgarh, the company said.

Proceeds from the sale will be used to repay the debt of Jaiprakash Associates.

This is the second asset sale between the Jaypee Group and the Dalmia Group.

Earlier in 2015, the Jaypee Group had sold controlling stake in cement units with total capacity of 2 million tonne per annum (MTPA) to the Dalmia Group.

The group has been taking several steps to reduce debt to avoid an insolvency bid by its lenders.

Between 2014 and 2017, Jaiprakash Associates divested cement assets of more than 20 MTPA capacity to UltraTech Cement.

Between 2014 and 2017, Jaiprakash Associates sold cement assets with a capacity of over 20 million tonnes per annum to UltraTech Cement.

RELATED ARTICLES

Most Popular

Hot News

Customer Satisfaction Survey Template
Please help us improve our products/services by completing this questionnaire.

Would you recommend this company to a friend or colleague?

Clear selection

Overall, how satisfied or dissatisfied are you with our company?

Clear selection
Part 2/4: Service/Product Assessment

Which of the following words would you use to describe our products/services? Select all that apply.

Clear selection

How would you rate the quality of the website? (from 1 to 10)*

Clear selection
Part 3/4:Customer Care

How responsive have we been to your questions or concerns about our products/services?

Clear selection

At what email address would you like to be contacted?

Clear selection
Part 4/4: Additional Feedback

Do you have any other comments, questions, or concerns?

Clear selection