UltraTech's purchase of Jaiprakash assets reportedly nears completion

UltraTech Cement cquisition of the cement business of Jaiprakash Associates is expected to be completed in the next few months, a top group executive said in an interview with local media.

“The Jaiprakash Associates acquisition is on track and should get done sooner than later,” group chief financial officer Sushil Agarwal said.

In July last year, UltraTech agreed to acquire Jaiprakash Associates’ cement plants, which have a total capacity of 21.2Mta, making it one of the largest deals in the Indian cement sector.

Both companies are looking to complete the merger by July, which is within the estimated time frame, two people directly aware of the merger process said. (Source: Hindustan Times)