UltraTech completes deal to buy Jaypee Cement.

UltraTech Cement has received approval of Bombay and Ahmedabad High Courts to acquire Jaypee Cement Corporation unit in Gujarat.

The company has already received the approval of capital market regulator SEBI, shareholders and creditor for buying the 4.8-mtpa unit with a 57.5-MW coal-based thermal power plant, limestone reserves for over 90 years and a captive jetty at Sewagram for an enterprise value of Rs. 3,800 crore.

As part of the deal, UltraTech will absorb a debt of Rs. 3,650 crore of Jaypee Cement Corporation and issue UltraTech shares worth Rs. 150 crore to Jaypee Associate.

The effective date of demerger scheme is June 12, said UltraTech in a release.

HBL