Jaypee Group, Ultratech Cement Gujarat plant deal today
September 11, 2013
Mumbai, 11 September 2013
After a little over a year’s negotiation, Jaypee Cement has struck a deal with Aditya Birla Group firm Ultratech to sell 51 per cent stake in the 4.8 million tonnes annually (mtpa) Gujarat facility for close to Rs 4,000 crore.Manoj Gaur led Jaiprakash(Jaypee) Associates is set to announce the sale of its Gujarat cement units to Kumar Mangalam Birla’s Ultratech Cement today evening. Both Jaypee and Ultratech will make the announcement simultaneously in Delhi and Mumbai respectively by the chairmen of respective companies.Aditya Birla Group, the country’s largest cement maker with 54 mtpa capacity, runs cement business through Ultratech Cement and plans to increase its capacity by another 10 mtpa by 2015.
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