India's UltraTech to buy Jaiprakash cement plants for 165b rupees
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New Delhi
INDIA'S UltraTech Cement Ltd, part of the Aditya Birla conglomerate, has agreed to buy Jaiprakash Associates Ltd's cement plants for an enterprise value of 165 billion rupees (S$3.4 billion), the companies said on Sunday.
UltraTech, beating competition from domestic and international bidders for the assets, and Jaiprakash said that they had signed a memorandum of understanding for 12 plants whose capacity totals 22.4 million tonnes a year.
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