Dalmia Bharat signs pact to acquire Jaypee’s cement business
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Dalmia Cement Bharat Limited (DCBL), a subsidiary of Dalmia Bharat, on Tuesday entered into a definitive agreement with JAL for acquisition of Jaypee Super Cement plant located in Uttar Pradesh. The enterprise value of the plant has been pegged at Rs 1,500 crore while Rs 190 crore has been earmarked as cost and expenses.
Dalmia Bharat on Wednesday said it has entered into a definitive agreement to acquire the cement business of debt-ridden Jaiprakash Associates Ltd (JAL). Dalmia Cement Bharat Limited (DCBL), a subsidiary of Dalmia Bharat, on Tuesday entered into a definitive agreement with JAL for acquisition of Jaypee Super Cement plant located in Uttar Pradesh. The enterprise value of the plant has been pegged at Rs 1,500 crore while Rs 190 crore has been earmarked as cost and expenses.
Dalmia Bharat had on December 12, 2022 announced the acquisition of Jaypee Group flagship JAL and its subsidiaries for an enterprise value of Rs 5,666 crore. These include the proposal to acquire Jaypee Group’s clinker, cement and power plants. In line with that announcement, DCBL also entered into a share purchase agreement on Tuesday to pick up 74 per cent stake in Bhilai Jaypee Cement Ltd at an enterprise value of Rs 666 crore.
Apart from this, an agreement has also been signed with Jaiprakash Power Ventures Limited to take the Nigri Cement Grinding unit located at Singrauli, Madhya Pradesh on long term lease. During the lease, DCBL will also have an option to purchase the unit at an enterprise value of Rs 250 crore. Confirming these deals and agreements with Dalmia Bharat, JAL said in the information given to the stock market that necessary agreements have been made with DCBL for the sale of Jaypee Super Cement plant.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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