UltraTech Cement is said to be in advanced stages of discussions to acquire the Gujarat-based cement units of Jaiprakash Associates, local media have reported.

Sources familiar with the deal told Business Standard of India that the cement units are to be sold at a valuation of US$130/t, lower than the US$160/t Jaiprakash had earlier been seeking.

Jaiprakash's cement facilities in the state of Gujarat have a combined cement capacity of 4.8Mta and will help UltraTech Cement, India’s largest cement producer, increase its presence in the western part of the country.

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