JAL to announce cement deal with UltraTech on March 31

Byszheng

Updated Thu, 31 Mar 2016 09:34:36 GMT

Jaiprakash Associates(JAL) is likely to announce a definite deal to sell off its cement plants to UltraTech on March 31, 2016, sources tell CNBC-TV18.

JP Associates will sell plants with a capacity of 22.4 million tonnes for Rs 16,500 crore, including its Bela and Sidhi cement units.

Earlier this year, UltraTech had announced acquisition of debt-ridden JP Group’s cement plants for about Rs 17,000 crore, making it the biggest deal in the cement sector.

The Mines and Mineral Development and Regulation

If the amendments are not passed in due time, JP Associates will first need to demerge its cement business and then sell it to UltraTech.