Jaiprakash Associates has entered into a Business Transaction Agreement (BTA) with Shree Cement for sale of company’s 1.5 MTPA Cement Grinding Unit situated at Panipat, Haryana for a tentative consideration of around Rs 360 crore. The transaction is subject to necessary regulatory approvals.
The company had already received board of directors approval for the same at their meeting held on August 25, 2014.
Jaypee Group is the country’s third largest cement maker. Swiss major Holcim owns majority stake in both ACC and Ambuja Cement with a combined capacity of around 52 mtpa in India.
