The Aditya Birla Group has restarted negotiations with Jaikprakash Associate’s to buy out its Jaypee Cement Corp plants in Gujarat and Andhra Pradesh, the Economic Times (ET) of India reports.
Birla is understood to have made an offer of up to US$130/t to acquire cement assets with a total capacity of 9.8Mt, two sources close to the negotiations said. Talks between the two companies fell through in July this year due to differences over valuations, the ET noted.
Last week, CRH said negotiations for the Gujarat business of Jaiprakash were terminated because “the parties were unable to agree to terms.”
Jaypee Cement Corp runs two plants in Sewagram, Kutch, and Wanakbori, Gujarat, each with a capacity of 2.4Mta, and a 5Mta unit in Andhra Pradesh's Krishna district.
