Cement News tagged under: Jaypee Group

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Orient Cement terminates agreement with Jaypee Group firms

31 May 2018, Published under Cement News

India’s Orient Cement has terminated the agreement to acquire two assets, Bhilai Jaypee Cement Ltd and the Nigrie cement grinding unit, from Jaypee Group firms for a total investment of INR19.46bn (US$288.23m), according to the Hindu Business Line. Orient Cement had signed a share purchase agreement (SPA) with Jaiprakash Associates Ltd (JAL) for 74 per cent equity shares of Bhilai Jaypee Cement. Furthermore, the company had signed a business transfer agreement (BTA) with Jaiprakash Power V...

UltraTech Cement

28 March 2017, Published under Cement News

Early March saw Jaiprakesh Associates, part of the Jaypee Group, get the go-ahead from the National Company Law Tribunal (NCLT) to transfer its cement plants to UltraTech cement, part of the Aditya Birla Group, on a slump exchange basis – a method widely used in India for the sale or transfer of a complete business division of a company as a going concern, including all assets, liabilities, contracts and employees. The deal, announced last year and valued at INR160bn (US$2.4bn), will enab...

UltraTech Cement

02 August 2016, Published under Cement News

UltraTech has at last agreed terms with Jaypee Group for the acquisition of Jaypee’s cement interests. UltraTech is paying some US$2400m for the acquisition of 17.2Mta of cement capacity across five states as well as a 4Mta grinding plant currently under construction in Uttar Pradesh. The deal still requires the approval of shareholders, creditors hand the High Court and should be completed within 12 months. UltraTech has recently commissioned a new grinding centre at Pataliputra in Bihar...

India: UltraTech concludes Jaypee deal

05 July 2016, Published under Cement News

UltraTech Cement has struck a deal to obtain the cement assets of Jaypee Group with a last-minute increase in acquisition price on Monday. UltraTech will purchase Jaypee Group’s cement operations, that have a total capacity of 17.2Mta spread across Uttar Pradesh, Madhya Pradesh, Himachal Pradesh, Uttarakhand and Andhra Pradesh, for INR161.9bn (US$2.4bn). In addition to existing cement operations, UltraTech will also acquire the 4Mta grinding unit that is currently being constructed in Utt...

India: Jaypee Group debts threaten cement unit sale

04 July 2016, Published under Cement News

Creditors of Indian conglomerate Jaypee Group have invoked debt restructuring provisions that allow them to convert loans into equity, turning them into the firm’s majority shareholders, reports the Economic Times. Jaypee Group is struggling under debts of INR582.5bn (US$8.7bn) and had agreed to sell its cement unit to UltraTech Cement to raise capital. Following the move by banks, UltraTech is understood to have written to the Gaur family – who founded and still run Jaypee – questioning ...

India: Jaypee Group still needs to reduce its debt level

21 June 2016, Published under Cement News

For the promoters of Jaypee group, the aggressive expansion during the last decade has cost them dearly. The Delhi-based group had to sell profitable assets to remain afloat even as banks, alarmed by its defaults, are pressurising the group to put more assets on the block, writes the Business Standard. A senior banker with Mumbai-based public sector lender said the intent of Jaypee group to reduce debt level is genuine as evident from the sale of operating key operating assets like power p...

India: Jaypee reduces northern cement supply

22 April 2016, Published under Cement News

Debt-laden Jaiprakash Associates Ltd has withdrawn itself from some of its cement markets in north India as part of streamlining its operations even as lenders continue to prod the firm to shed assets and pare debt, reports Mint. The company has drastically cut its cement supply to markets in the north, said two Delhi-based cement dealers. A spokesperson for the parent Jaypee Group confirmed that the company has chosen to withdraw from certain markets of Haryana and Delhi. "The com...

India: cement prices to hold up thanks to merger deals

06 April 2016, Published under Cement News

India's stock researcher Livemint is forecasting that mergers like that between JP Associates Ltd and UltraTech Cement Ltd and also Birla Corp Ltd and Reliance Infrastructure Ltd will rationalise ownership to support cement prices. Meanwhile, with government projects gaining traction in areas like state metros, highways, low-cost housing and dedicated freight corridors, besides irrigation and water supply, demand and consequently cement dispatches are likely to improve from the fourth quar...

Sagar reportedly in talks to buy Jaypee's Andhra Cements

19 January 2016, Published under Cement News

Sagar Cements is in advanced talks to acquire Andhra Cements from the Jaypee Group, the Economic Times (ET) of India has learnt from two sources. JSW Cement is another potential contender, according to the sources. Andhra Cements has two plants in the southeastern Indian state of Andhra Pradesh with a combined capacity of 2.6Mta. It also has a 25MW captive power plant under construction. The sources said that Sagar Cements will make an open offer to the minority shareholders of Andhra Cem...

Jaypee Group’s cement assets up for grabs

29 December 2015, Published under Cement News

Jaypee Group is planning for an outright sale of its 20Mt portfolio of cement assets worth an estimated INR190 (US$2.86bn) enterprise valuation. UltraTech, Dalmia Bharat backed by private equity investor KKR and Shree Cement have each been approached to take over Jaypee Group’s cement business. Other private equity firms are also reported to have been approached with a detailed information memorandum of operations. Jaypee Group, one of the top ten most indebted Indian conglomerates with a ...