Jaiprakash Associates has received Competition Commission of India’s (CCI) approval for its proposed sale of Haryana’s cement grinding unit to Shree Cements. The proposed deal involves transfer of a 1.5 million tonnes per annum (MTPA) capacity cement grinding unit at Panipat in Haryana on a going concern basis by way of a slump sale.
CCI said that the proposed combination is not likely to have an appreciable adverse effect on competition in India in any of the relevant market.
The company reported a net loss of Rs 106.48 crore for the quarter as compared to a net profit of Rs 67.67 crore for the same quarter in the previous year. Total income of the company decreased by 17.06% at Rs 2736.91 crore for quarter under review as compared to Rs 3300.21 crore for the quarter ended September 30, 2013.
