(MENAFN) India-based UltraTech Cement agreed to acquire two cement plants from Jaiprakash Associates for a transactional value of USD852 million, including debt, The Peninsula Qatar reported.
Both plants are located in the area of Madhya Pradesh. The acquisition will create significant collaborations for UltraTech, the country's leading cement maker, the Indian firm said.
Once completed, the acquisition will raise UltraTech's cement capacity in India to 65 million tons per annum from 60 million tons. Meanwhile, the figure is expected to increase to 71 million tons by 2016.
Jaiprakash has been selling assets recently to cut the bulky debt loan and improve its balance sheet. It has sold assets worth more than USD3.14 billion and it would now focus on making operational savings.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.