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UltraTec to expand in high growth markets
Kumar Mangalam Birla, Chairman, UltraTech Cement, a part of Aditya Birla Group, said the cement company will expand in high growth markets after acquiring Jaypee Cement. The acquisition involves six integrated cement plants and five grinding units, spread across Andhra Pradesh, Himachal Pradesh, Uttar Pradesh, Uttarakhand and Madhya Pradesh.
Hyderabad: Kumar Mangalam Birla, Chairman, UltraTech Cement, a part of Aditya Birla Group, said the cement company will expand in high growth markets after acquiring Jaypee Cement. The acquisition involves six integrated cement plants and five grinding units, spread across Andhra Pradesh, Himachal Pradesh, Uttar Pradesh, Uttarakhand and Madhya Pradesh.
Acquisition of Jaippee Cement will benefit customers: Kumar Mangalam Birla
With a combined capacity of 21.2 million tonne, the acquired cement plants of JAL and JCCL stand transferred to UltraTech.
This transaction is valued at Rs16,189 crore ($ 2.5 bn) and estimated to be the largest deal concluded so far. The acquisition process involves a major financial restructuring program, conducted by the ICICI-led consortium of lenders to JAL. Alongside, SBI and Axis Bank supported this program, according to a release from Aditya Birla Group.
Birla said: “This move is essentially for geographic market expansion, enabling UltraTech’s entry into the high growth markets. These will enhance competitiveness, benefit consumers, and, in turn, create value for all our stakeholders. The operations will be strengthened.”
By Business Bureau
