UltraTech Cement buys cement grinding assets of Burnpur Cement for Rs 169.79 crore

30 Nov 2023 , 10:18 AM

UltraTech Cement Ltd, an Aditya Birla group company, said on Wednesday that it has purchased the cement grinding assets of Burnpur Cement Ltd in Jharkhand for Rs 169.79 crore.

UltraTech Cement stated in a regulatory filing that it has bought the 0.54 MTPA cement grinding assets of Burnpur Cement Ltd, which is based in Patratu, Jharkhand.

The transaction was completed for Rs 169.79 crore in accordance with the requirements of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 read with the Security Interest (Enforcement) Rules, 2002,’ it said.

According to the filing, this investment marks the company’s debut in Jharkhand, and its capacity in India currently stands at 133 MTPA.

Last year, the state-owned Punjab National Bank (PNB) placed the account of loss-making Burnpur Cement up for sale and requested bids from Asset Reconstruction Companies (ARCs) to collect liabilities totaling more than Rs 50 crore.

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