Dalmia Cement to acquire Jaiprakash Power's cement grinding unit for Rs250 crore

13 Dec 2022 , 01:18 PM

Jaiprakash Power Ventures Limited announced that the company has signed a binding Framework Agreement for the sale of the 2 MTPA Jaypee Nigrie Cement Grinding Unit to Dalmia Cement (Bharat) Limited (DCBL), Dalmia Bharat Limited’s wholly owned subsidiary.

The consideration has been fixed at Rs250 crore and is subject to due diligence.

Dalmia Cement (Bharat) Limited (unlisted) is a wholly owned subsidiary of Dalmia Bharat Limited (listed Company) and a member of the Dalmia Group.

The company signed the framework agreement on December 12, 2022. While the executive agreement is yet to be executed.

Because the transaction is a slump sale of the 2 MTPA Nigrie Cement Grinding Unit in District Singrauli, Madhya Pradesh, there will be no change in the company’s shareholding pattern.

Jaiprakash Power Ventures has a total turnover of Rs4,624.55 crore in FY21-22. The grinding unit has a turnover of Rs7.79 crore, totalling 0.17% of the total revenue of the company.

At around 1.22 PM, Jaiprakash Power Ventures was trading at Rs7.98 down by 3.86% from its previous closing of Rs8.30 on the BSE. The scrip touched an intraday high and low of Rs8.44 and Rs7.90 respectively.

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