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UltraTech Cement to acquire Jaypee's Gujarat Cement Unit

Thursday, 12 Sep 2013
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UltraTech Cement has approved the acquisition of the Gujarat Cement Unit of Jaypee Cement Corporation Limited (JCCL), a wholly owned subsidiary of Jaiprakash Associates Limited (JAL).


The enterprise value of the transaction is Rs 3,800 crore and it will take place by way of a demerger, comprising an integrated cement unit at Sewagram and a Grinding Unit at Wanakbori.


The combined capacity of both the divisions of the Gujarat Unit is 4.8 million tpa of cement with 57.5 MW coal-based thermal power plant, limestone reserves for over 90 years at current capacity, and a captive Jetty at Sewagram. UltraTech will be taking over all the assets and the liabilities of the Gujarat Cement Unit.


The proposed acquisition is subject to the approval of shareholders and creditors, sanction of the Scheme of Arrangement by the High Courts, approval of the Competition Commission of India and all other statutory approvals and it is expected to be completed within seven to nine months.


With this acquisition of Jaypee Cement's 4.8 million tpa plant, UltraTech Cement's capacity will increase to 59 million tpa. With several other projects underway, it is proposed to touch 70 million tpa by 2015.

 
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