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Orient Cement calls off deal to acquire 2 units from Jaypee

Updated : May 31, 2018 03:45:07 IST

CK Birla Group firm Orient Cement has terminated the agreement to acquire two entities, Bhilai Jaypee Cement and Nigrie Cement Grinding Unit, from Jaypee group firms for a total consideration of Rs 1,946 crore.
On May 31 last year, Orient Cement had signed a share purchase agreement (SPA) with Jaiprakash Associates Ltd (JAL), for the acquisition of 74 percent equity shares of Bhilai Jaypee Cement Ltd from JAL.
A business transfer agreement (BTA) was also signed between Orient Cement, Jaiprakash Power Ventures Ltd (JPVL) and JAL, for the acquisition of Nigrie Cement Grinding Unit, as going concern from JPVL.
Published : May 31, 2018 10:08 AM IST

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