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JAIPRAKASH To Sell Two Mp Cement Plants

Updated: January 17, 2015 4:50 am

Jaiprakash Associates completed its divestment programme aimed at cutting debt with the sale of two cement plants in Madhya Pradesh to UltraTech Cement for Rs 5,400 crore. The company has in total divested assets worth over Rs 20,000 crore. Manoj Gaur, executive chairman, Jaiprakash Associates, said: “With this disinvestment, Jaiprakash Associates’ major disinvestment plans get rested and the focus will now shift to innovative operational efficiencies to match with the best in class, coinciding with the imminent revival of the Indian economy.” UltraTech said its board had approved the MoU. O P Puranmalka, business director, UltraTech, told Business Standard, “At these two units, the clinker capacity is more than the grinding capacity…The enterprise value for a tonne for this deal is roughly around $140 (about Rs 8,900 at Tuesday’s exchange rate).”

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