MUMBAI: Aditya Birla Group-owned UltraTechBSE 0.89 %’s is expected to complete its acquisition of Jaiprakash Associates’ cement plants within the next one year, group chairman Kumar Mangalam Birla said at the 16th annual general meeting of the company on Tuesday.
“The directors have also approved a scheme of arrangement between UltraTech, Jaiprakash Associates LtdBSE -0.51 %, Jaypee Cement Corp Ltd and their respective shareholders and creditors for the acquisition of cement plants of a total capacity of 21.2 mt at an enterprise value of Rs 16,189 crore,” Birla said. “The scheme is subject to regulatory approvals. We expect it to be consummated in next 12 months,” he said.
Once the acquisition of plants in Madhya Pradesh, UP, Himachal Pradesh, Uttarakhand and Andhra Pradesh is completed, Ultra-Tech’s cement capacity will stand augmented to 91.1 mtpa including its overseas operations, Birla said.
