Orient Cement to Acquire 74% Stake in Bhilai Jaypee Cement Limited from Jaiprakash Associates Limited
Jaiprakash Associates Limited has agreed to sell 74% of the equity shareholding of Bhilai Jaypee Cement Limited to Orient Cements Limited, at an enterprise value of INR 1,450 crores on a cash free and debt free basis and subject to adjustments on account of Working Capital and Financial Indebtedness, if any and subject to mutually agreed adjustments and all such approvals, as may be required. Further, Jaiprakash Power Ventures Limited has also agreed to sell the Nigrie Cement Grinding Unit (Quantity: 2 Million Ton Per Annum) to Orient Cements Limited, as a going concern at a consideration linked to a total enterprise value of INR 495 crores subject to mutually agreed adjustments and all such approvals, as may be required.
Vaish Associates was the legal counsel to Jaiprakash Associates Limited and Jaiprakash Power Ventures Limited.
Jaypee Group is a Rs 20,000 crore well diversified infrastructural industrial conglomerate in India. Over the decades it has maintained its salience with leadership in its chosen line of businesses. The Group is a diversified infrastructure conglomerate with business interests in Engineering & Construction, Cement, Power, Real Estate, Expressways, Fertilizer, Hospitality, Healthcare, Sports, Information Technology and Education (not-for-profit).
For more information, please visit: www.jalindia.com
Orient Cement started its commercial production at its integrated cement plant located at Chittapur, Gulbarga, Karnataka. With a total capacity of 8 MTPA, and ambitious expansion plan, Orient Cement is aspiring to embark its territory in the cement industry.
For more information, please visit: www.orientcement.com