India's UltraTech to buy Jaiprakash cement plants for 165b rupees
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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