Dalmia Bharat to acquire Jaypee Group’s cement assets for Rs 56.66 billion

The Jaypee Group has signed a binding agreement to sell its cement business to Dalmia Cement (Bharat) Limited at an enterprise value of Rs 56.66 billion. The divestment includes cement plants with an agg­re­gate capacity of 9.4 million tonnes (mt), clinker assets with a capacity of 6.7 mt, and a 280 MW capacity thermal power plant. The proceeds from the divestment of the cement assets will be primarily used to repay Jaiprakash Associates’ debt. The cement and clinker ca­paci­ties being sold to the Dalmia Group are situated in Madhya Pradesh, Uttar Pradesh and Chhattisgarh. The Adani Group had offered Rs 50 billion to acquire the same.