UltraTech Cement - May 2015

Jaiprakash Associates Ltd has reportedly been given the green light by shareholders to sell two cement units in Madhya Pradesh to UltraTech Cement Ltd. The deal, which was originally penned in December last year, is believed to be worth around INR54bn (US$847m). According to press reports, UltraTech is also interested in purchasing Jaiprakash’s 2.2Mta plant in Chhattisgarh state in a deal worth INR20bn. If it receives the go-ahead, the move will boost UltraTech’s total production capacity to 67Mta.