At meeting held on 31 March 2016
UltraTech Cement announced that the board of directors of the Company at its meeting held on 31 March 2016 has approved the signing of definitive agreements for the acquisition of the identified cement plants of Jaiprakash Associates in the states of Madhya Pradesh, Uttar Pradesh, Himachal Pradesh, Uttarakhand and Andhra Pradesh having capacity of 21.20 mtpa at an enterprise value of Rs 15,900 crore. The parties have agreed to exclude the 1.2 mtpa capacity in state of Karnataka as envisaged earlier. The transaction will be consummated by way of a court sanctioned scheme to be formulated at a late date.Upon consummation, UltraTech's cement capacity will stand augmented to 91.1 mtpa including its overseas operations.
The acquisition is expected to take 12 to 14 months to consummate and is subject to receipt of applicable statutory / regulatory approvals.
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