Jaiprakash Associates Signs Definitive Agreement With Orient Cement

Jaiprakash Associates has recently executed a definitive agreement with Orient Cement Limited. Orient Cements, a C.K. Birla Group company is going to buy two cement units from Jaiprakash Associates.

The first agreement was signed by Orient Cements to buy around 74% stake in Bhilai Jaypee Cement Limited (BJCL) based on an enterprise value of Rs 1450 Cr. Another agreement was signed for the acquisition of Nigrie Cement Grinding Unit as going concern from Jaiprakash Power Ventures Limited for a total consideration of Rs 496 Cr.

Bhilai Jaypee Cement Limited manufactures and sells cement. The company was incorporated in 2007 and is based in Satna, India. Bhilai Jaypee Cement Limited operates as a subsidiary of Jaiprakash Associates Limited.

JP Associates is trading flat at Rs 12.02 per share on BSE with slightly negative bias. As per market observers, the company has low-interest coverage ratio. The company has delivered a poor growth of 8.77% over past five years, reported leading research agency.

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