Cement News tagged under: Jaiprakash Associates

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Jaiprakash Associates to sell stake in Bhilai Jaypee cement

01 September 2017, Published under Cement News

Jaiprakash Associates has decided to sell its entire 74 per cent stake in Bhilai Jaypee Cement to Orient Cement for INR14,500m (US$226.6m), while raising another up to INR20,000m by issuing securities. The transaction is expected to be completed by 2017-end, the company said in a notice to shareholders for AGM to be held on 23 September 2017. The company aims to reduce its debt and fulfill its working capital requirements with this action. Bhilai Jaypee Cement owns a 1.1Mta clinker pla...

Jaiprakash receives director approval to divest assets to UltraTech

30 June 2017, Published under Cement News

Jaiprakash Associates said it received approval from its committee of directors to close the transaction for selling part of its cement business to UltraTech Cement for INR161.89bn. The deal will see the cement plants in Uttar Pradesh, Madhya Pradesh, Himachal Pradesh, Uttarakhand and Andhra Pradesh move to UltraTech. An addition unit, currently under construction in Uttar Pradesh, will become part of UltraTech for an additional INR4.7bn. The proceeds of this transaction will help t...

Orient Cement to acquire two Jaypee units

01 June 2017, Published under Cement News

Orient Cement has reached an agreement to buy two cement units from Jaypee in the central and eastern regions of India. Orient will buy a 74 per stake in Bhilai which is a joint venture between Jaiprakash Associates Ltd (JAL) and Steel Authority of India Ltd (SAIL). Bhilai has an integrated PSC cement capacity of 2.2Mta consisting of a clinker unit in Satna area in Madhya Pradesh and a grinding unit in Bhilai, Chhattisgarh. Another agreement was signed for the acquisition of the 2Mta Nig...

UltraTech's purchase of Jaiprakash assets reportedly nears completion

22 May 2017, Published under Cement News

UltraTech Cement cquisition of the cement business of Jaiprakash Associates is expected to be completed in the next few months, a top group executive said in an interview with local media. “The Jaiprakash Associates acquisition is on track and should get done sooner than later,” group chief financial officer Sushil Agarwal said. In July last year, UltraTech agreed to acquire Jaiprakash Associates ’ cement plants, which have a total capacity of 21.2Mta, making it one of the largest de...

India: Orient and JP deal reportedly in final stages

05 April 2017, Published under Cement News

Orient Cement's plan to acquire certain assets of the Jaypee Group is in the final stages and completion of the deal could be announced shortly, according to local media. Citing sources familiar with the development, 'Moneycontrol' reported today that management of both Orient and the Jaypee Group are due to meet this week to discuss last-minute details of the deal. In October 2016, the two companies announced that Orient Cement Would acquire Jaiprakash Associates’ entire stake in Bhil...

UltraTech Cement

27 February 2017, Published under Cement News

It is a busy time for UltraTech Cement. Not only should its deal to buy the assets of Jaiprakash Associates conclude soon, adding over 20Mta of cement production capacity and boosting its market share from 18 to 22 per cent, the company is also deciding whether to contest the fine imposed by the Competition Commission of India (CCI) in January for alleged bid rigging. Five of the seven companies fined by the CCI have already opted to take the matter to the Competition Appellate Tribunal, wi...

India: Seven cement firms fined for bid-rigging

20 January 2017, Published under Cement News

The Competition Commission of India (CCI) has imposed fines totalling more than INR2bn (US$30m) on seven cement firms it found guilty of colluding in their responses to a 2012 tender from Haryana state, Indian media reports. The companies have each been fined 0.3 per cent of their average annual turnover for the past three years. Ultratech faces the largest penalty, at INR683m – around a third of the total. The other firms fined were Jaiprakash Associates, ACC, Ambuja Cements, Shree Cemen...

India: Jaiprakash Associates shareholders agree to sale

25 October 2016, Published under Cement News

Jaiprakash Associates Ltd (JAL) on Monday said its shareholders have approved the sale of the firm's cement business to Aditya Birla Group's UltraTech Cement. Approval from Competition Commission of India (CCI) has been received and the next step involves seeking approval from the concerned High Court and the final approval from capital markets regulator. Earlier this year, the Aditya Birla Group firm announced acquisition of Jaiprakash Associates' cement plants with a total capacity of 2...

India: Orient Cement will increase debt with acquisition

11 October 2016, Published under Cement News

The interest burden of Orient Cement is expected to increase following the acquisition of the cement assets of Jaiprakash Associates, valued at INR19.5bn (US$291.48m). The acquisition will, however, help the company's geographical diversification, reports the Economic Times. Orient Cement acquired Jaiprakash Associates' 2.1Mta cement plant at Bhilai and 2Mta grinding unit at Nigri. The enterprise value for the Bhilai asset is US$98/t and the Nigri unit is US$37/t. The deal also includes th...

India: Birla Group front runner to buy Bhillai stake

06 October 2016, Published under Cement News

Orient Cement, part of the Birla Group, has emerged as the front-runner to buy out Jaiprakash Associates’ 74 per cent stake in Bhillai Jaypee Cement, the Economic Times reports. Bhillai is run as a joint venture between Jaiprakash and SAIL, with the latter holding 26 per cent of the enterprise. A source told the Economic Times that the deal values Bhillai at INR15bn (US$225m). Bhillai Jaypee Cement has a capacity of 2.1Mta with a clinker unit at Satna and a grinding unit Bhillai. "T...