India: Orient and JP deal reportedly in final stages

Orient Cement's plan to acquire certain assets of the Jaypee Group is in the final stages and completion of the deal could be announced shortly, according to local media.

Citing sources familiar with the development, 'Moneycontrol' reported today that management of both Orient and the Jaypee Group are due to meet this week to discuss last-minute details of the deal.

In October 2016, the two companies announced that Orient Cement Would acquire Jaiprakash Associates’ entire stake in Bhilai Jaypee Cement which is a 74:26 joint venture between the Jaiprakash Gaur-promoted company and Steel Authority of India Ltd (SAIL). The joint venture has a 1.1Mta clinker unit at Satna, Madhya Pradesh state, and a 2.2Mta grinding unit in Chhattisgarh.

The second part of the deal involves Orient Cement’s purchase of Jaiprakash Power Ventures' 2Mta grinding unit at Nigrie in Madhya Pradesh.