Ultratech Cement has been in advanced discussions for the acquisition of Jaypee Cement Corporation's stake in its Gujarat plant. The deal involving Aditya Birla Group's flagship firm was valued at INR4 billion for the 51% stake in the Gujarat facility.
According to one source, talks had moved to the advance stages wherein the deal would proceed in the next 10 to 15 days. Ultratech would buy 51% stake in the said plant from Jaypee Cement Corporation that has an annual capacity of five million tonnes.
Both firms that were involved in the negotiations declined to comment on the INR4 billion deal.
The Jaypee Group is the biggest cement maker in India. The company has interests in areas such real estate, cement and hospitality.
Ultratech Cement is operated by Aditya Birla Group. The company had planned production increase by 2015.
The discussions for the acquisition of the facility had been going on for a year now. There were also other contenders apart from Ultratech Cement. This included the French building material major, Lafarge.
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