UltraTech Cement is trading higher by 2% at Rs 1,797 after the company said the Competition Commission of India (CCI) has approved the company’s proposal to acquire two plants of Jaypee Cement Corporation in Gujarat.
On 11 September 2013, the board of UltraTech Cement has approved the acquisition of the cement unit of Jaypee Cement Corporation, a 100% owned subsidiary of Jaiprakash Associates for an enterprise value of Rs 3,800 crore, besides the actual net working capital.
Gujarat Cement Project consists of an integrated cement plant at Kutch and a 2.4 MTPA cement grinding unit at Wanakbori.
Meanwhile, shares of Jaiprakash Associates are trading flat at Rs 54.45 on the BSE.
On 11 September 2013, the board of UltraTech Cement has approved the acquisition of the cement unit of Jaypee Cement Corporation, a 100% owned subsidiary of Jaiprakash Associates for an enterprise value of Rs 3,800 crore, besides the actual net working capital.
Gujarat Cement Project consists of an integrated cement plant at Kutch and a 2.4 MTPA cement grinding unit at Wanakbori.
Meanwhile, shares of Jaiprakash Associates are trading flat at Rs 54.45 on the BSE.
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