UltraTech Cement is believed to be looking at possible acquisition of Jaypee Group's three cement plants in Madhya Pradesh, according to local press reports.

While investment banking sources involved in the talks said that the discussions are currently underway for a possible deal, a spokesperson for UltraTech declined to comment.

In the June quarter, UltraTech completed the acquisition of Jaypee Cement Corp’s units in Gujarat, comprising an integrated unit at Sewagram and a grinding unit at Wanakbori with a combined capacity of 4.8Mta.