UltraTech, Jaypee cement Gujarat facility buyout
New Delhi: Industrial conglomerate Jaiprakash Associates Wednesday said it had reached an agreement with UltraTech to sell its Gujarat cement facility for Rs.3,800 crore.According to the company, the Aditya Birla Group firm will acquire its
The plant is coupled with a coal-powered thermal plant, limestone reserves and a captive jetty at Sewagram.
The company said even after the deal, expected to be completed in seven or nine months after receiving mandatory approvals, it will remain the country's third largest cement producer.
Currently, the company has an installed capacity of 36.8 million TPA.
The company was earlier looking for buyers for its Gujarat and Andhra Pradesh facilities which have a combined capacity of 9.8 million TPA.
It plans to raise around Rs.15,000 crore for debt repayment and capacity expansion.
Read all the Breaking News Live on indiatvnews.com and Get Latest English News & Updates from Business and India Section
Advertisement
Advertisement
-
Tata Steel to merge European operations with Thyssenkrupp to create 2nd largest steel behemoth
-
Bengaluru: I-T raids on S M Krishna’s son-in-law Siddhartha, owner of Cafe Coffee Day chain
-
5 reasons why TRAI’s decision on IUC cut will significantly boost RIL’s earnings
-
GST interim returns: Over 75 per cent eligible taxpayers waited for last day to file returns, says Jaitley
-
India replaces China as top retail destination in 2017: Study
Top News
-
Supreme Court sets up high-powered committee to investigate police action against protesters
-
Centre decides to set up bench of High Court of Jammu and Kashmir in Ladakh, announces Amit Shah
-
'Think beyond today, build tomorrow's India': PM Modi's big message to top officials in key meeting
-
India progress to top 8 of Women's Hockey World Cup after 0-0 draw against England
Advertisement
Advertisement