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JAL set to announce UltraTech deal

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World Cement,

According to various sources, Jaiprakash Associates is likely to announce a definite deal to sell off its cement plants to UltraTech.

JP Associates is expected to sell plants with a capacity of 22.4 million t for Rs 16 500 crore, including its Bela and Sidhi cement units.

Earlier this year, UltraTech had announced the acquisition of JP Group’s cement plants for about Rs 17 000 crore.

The Mines and Mineral Development and Regulation (MMDR) Act will now allow transfer of mining rights, but still needs to be implemented.

JP Associates will first need to demerge its cement business and then sell it to UltraTech if the amendments are not passed in due time.

Edited from sources by Joseph Green. Sources: The Hindu Business Line, India Today, Money Control

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