According to reports, UltraTech Cement and Jaiprakash Associates are close to a deal for the Bhilai cement plant in Chhattisgarh. The deal for the 2.2 million tpy cement plant is said to be worth between Rs.6 – 7 billion. The plant is part-owned by the Steel Authority of India Ltd, which must agree the deal before it can be confirmed.
In November last year, UltraTech declared its target of realising 100 million t of cement capacity within a decade. The company, owned by the Aditya Birla Group, has already acquired three cement plants from the Jaiprakash group, having agreed to buy two plants in December and the Gujarat plant earlier in 2014.
Jaiprakash Associates has been divesting cement assets to repay debt, which surpassed Rs.61 crore in FY14 – 15.
Edited from various sources by Katherine Guenioui
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