Reuters are reporting that UltraTech Cement Ltd will finalise the purchase of Jaiprakash Associates Ltd's cement plants for 159 billion rupees (US$2.4 billion) including debt.
The two companies had signed an agreement last month under which UltraTech was to buy 22.4 million t of cement capacity from Jaiprakash for 165 billion rupees, including debt.
Under the updated deal, UltraTech will purchase 21.2 million t of cement capacity from Jaiprakash as the companies have mutually agreed to exclude a 1.2 million tpy plant in the southern state of Karnataka.
UltraTech will have a total capacity of 91.1 million t after the deal, which is expected to take about a year to finalise.
Jaiprakash has been selling assets to reduce the company’s debt. After this latest sale, it will retain cement plants with a total capacity of 10.6 million t.
Edited from source by Joseph Green. Source: Reuters