Inking one of the biggest deals in the cement sector, Aditya Birla Group firm Ultratech will acquire two plants from Jaiprakash Associates (JAl) in Madhya Pradesh for an enterprise value of Rs5,400 crore.
Ultratech, country's largest cement maker, on Tuesday said its Board has approved the acquisition of JAl's Bela unit which has 2.1 million tonnes per annum (mtpa) clinker and 2.6 mtpa cement grinding capacity. The other unit, located at Sidhi, has 3.1 mtpa clinker and 2.3 mtpa cement grinding capacity. Both units have a total of 180 MW power generation capacity.
"The Board has approved the Memorandum of Understanding setting out the broad terms and conditions of the proposed acquisition. The enterprise value of this acquisition has been agreed at Rs5,400 crore," Ultratech Cement said in a release.