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Jaiprakash and UltraTech gain as cement deal gets regulatory nod

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World Cement,

Reuters are reporting that India's Jaiprakash Associates Ltd has gained as much as 1.8%, whilst UltraTech Cement has risen as much as 1.5%.

India's anti-trust regulator approved UltraTech's deal to buy Jaypee Group's cement business on 10 August.

Jaiprakash's board approved the cement deal with UltraTech at 161.89 billion rupees in July.

The deal would raise UltraTech's installed annual capacity by one-third to about 91 million t, and provide Jaiprakash with much-needed relief to pare its debts.

In February, UltraTech scrapped plans to buy two of Jaiprakash' cement plants in central India after a court said the deal could not be allowed under current regulations.

Edited from source by Joseph Green. Source: Reuters

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