Orient Cement calls off deal to acquire 2 units from Jaypee
Updated : May 31, 2018 03:45 PM 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.