Corporate News 04-Jul-16
Board of Jaiprakash Associates approves scheme of arrangment
At meeting held on 04 July 2016
Jaiprakash Associates announced that the Board of Directors of the Company at its meeting held on 04 July 2015 approved an amendment to the definitive agreement dated 31 March 2016 and also the draft scheme of arrangement with UltraTech Cement for sale of cement business of Jaiprakash Associates and its subsidiary Jaypee Cement Corporation comprising of identified operating cement plants with an aggregate capacity of 17.20 mtpa spread over the states of Uttar Pradesh, Madhya Pradesh, Himachal Pradesh, Uttarakhand and Andhra Pradesh besides grinding unit of 4.0 mtpa capacity which is currently under implementation in Uttar Pradesh. The total enterprise value now agreed is Rs 16,189 crore. An additional amount of Rs 470 crore shall be paid by UltraTech Cement for completion of the grinding unit under implementation.
The Consumation of transaction is expected to take 9 to 12 months.
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