Ultra Tech makes conversation to buy cement assets from Jaiprakash Associates
According to recent new, Kumar Mangalam Birla who happens to own Ultra Tech Cement Ltd is now making conversation to buy cement assets from the Jaiprakash Associates. There are discussions being held currently between the two companies about projects. This also consists of Jaiprakash Rewa’s cement making complex. The annual capacity of Rewa is around 7 million tonnes.
Selling more assets would help Jaiprakash to reduce all his debt which increased more than four times in the previous 5 years. Last year Ultratech agreed to buy cement based unit based in Gujarat from Jaiprakash. Now Birla is looking forward to purchasing many more cement plants in India as well as abroad.
Aksari Zaid who happens to be a spokesperson for Jaiprakash refused to answer to answer questions in an email response from Bloomberg News. Another spokesperson from Ultratech also refused to answer any questions.
74% of Jaiprakash’s stake has been sold in Bokaro Jaypee Cement Ltd which happens to be joined with Steel Authority of India Ltd to Dalmia Bharat Ltd. Recently; Jaiprakash has also increased its cement making ability after it finished its recent divestments. This was said according to the presentation of a company during the month of May.
Source – Abhishek Shanker
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