UltraTech Cement, part of the Aditya Birla Group, on Monday agreed to buy Jaiprakash Associates’ 17.2 million tonnes per annum (mtpa) cement capacity for an enterprise value of Rs 16,189 crore.
The deal was revised upwards from Rs 15,900 crore that was agreed on March 31. This is the second revision to the deal price of Rs 16,500 crore for 18.4 mtpa capacity in February for plants in Uttar Pradesh, Madhya Pradesh, Himachal Pradesh, Uttarakhand and Andhra Pradesh and Karnataka. An additional payment of Rs 470 crore for 4 mtpa under construction grinding unit in Uttar Pradesh was included in the February agreement. The payment will be made once the construction is completed.