New Delhi: Industrial conglomerate Jaiprakash Associates Wednesday said it had reached an agreement with UltraTech to sell its Gujarat cement facility for Rs.3,800 crore.
According to the company, the Aditya Birla Group firm will acquire its subsidiary Jaypee Cement Corporation's stake in the 4.8 million tonne per annum (TPA) Gujarat plant.
"Jaypee Group continues to be on course to bring down the debt and consolidate its operations in the given economic scenario," Manoj Gaur, executive chairman, Jaiprakash Associates, said.
"UltraTech cement with this acquisition has demonstrated faith in India's future growth as well as in the quality of assets for which Jaypee Group is known.
Gujarat Cement Plant comprises an integrated 2.4 million TPA cement plant at Kutch and a 2.4 million TPA cement grinding unit at Wanakbori.
