Jaiprakash Associates closes deal to sell cement plants

In a move that was long anticipated, Jaiprakash Associates Ltd announced it has reached an agreement with Ultratech to sell its Gujarat cement units. It took Jaiprakash Associates more than a year and a few unsuccessful attempts, to find a suitor and close a deal, in the middle of a rapidly contracting Indian economy.

Jaiprakash Associates, formed in 1979, is an infrastructure conglomerate based in Noida, India, engaged in engineering, power, construction, cement, expressways, real estate and hospitality. Through its more than 30 years of service to the Indian market, the group has participated in several iconic projects such as the Yamuna Expressway and the Buddh International Circuit, venue for the annual Formula One Indian Grand Prix. The company stocks were first listed in the Bombay Stock Exchange in 1987.

Read the rest of the article in the India Cement & Construction Materials Journal - Issue 14.