UltraTech reportedly nearing deal to buy Bhilai grinding plant, India

UltraTech Cement is rumoured to be in advanced talks to buy Jaiprakash's 2.2Mta grinding plant in Bhilai, Chhattisgarh state, according to local press. 

Citing sources familiar with the matter, the reports state that the two companies are waiting for approval from state-run steelmaker Steel Authority of India Ltd (SAIL), which owns 26 per cent of the plant, before finalising the deal.

In December, UltraTech agreed to acquire the Madhya Pradesh assets of Jaiprakash Associates Ltd, which represents an entreprise value of INR54bn (US$852m). The acquisition includes an integrated cement plant with a clinker capacity of 2.1Mta and a cement capacity of 2.6Mta in Bela and an integrated unit at Sidhi with clinker and cement capacities of 3.1Mta and 2.3Mta, respectively.