Orient Cement cancels deal with Jaiprakash Associates

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India: Orient Cement has cancelled a deal to buy three cement plants from Jaiprakash Associates. The companies signed an agreement in May 2017 to buy a 74% stake in Bhilai Jaypee Cement for US$225m and the acquisition of the Nigrie cement grinding plant in Singrauli, Madhya Pradesh from Jaiprakash Power Ventures for US$77m. Orient Cement said that the terms of the agreement allowed either party to terminate it if it did not complete within 12 months.

Bhilai Jaypee Cement, a joint venture between Jaiprakash Associates and the Steel Authority of India Limited (SAIL), has a 2.2Mt/yr integrated Portland slag cement plant in Satna Madhya, Madhya Pradesh and a grinding plant in Bhilai, Chhattisgarh.

Last modified on 06 June 2018

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