Dalmia executes definitive agreements with JAL to acquire cement assets
Dalmia Bharat on Wednesday said it has executed definitive agreements with debt-ridden Jaiprakash Associates Ltd (JAL) to acquire the latter's cement assets as per an earlier announcement.
Dalmia Cement (Bharat) Ltd (DCBL), a subsidiary of Dalmia Bharat, on Tuesday executed definitive agreements with JAL for the acquisition of JP Super Cement Plant in Uttar Pradesh at an enterprise value of Rs 1,500 crore and costs and expenses of up to Rs 190 crore.
However, this will be subject to various clearances and approvals related to JP Super plant and mines, said a regulatory update from Dalmia Bharat Ltd (DBL).
Moreover, it is also subject to "fulfilling certain conditions precedent including the final outcome of the pending arbitration between JAL and Ultratech Cement Ltd."
On December 12, 2022, DBL had announced that it will acquire cement assets of Jaypee Group's flagship company JAL and its associate firm at an enterprise value of Rs 5,666 crore.
As part of that, DCBL also executed