New Delhi: Jaiprakash Associates today said it has got the approval of National Company Law Tribunal (NCLT) for transfer of its cement plants to the Aditya Birla group firm, UltraTech Cement.
"NCLT Allahabad bench has sanctioned the scheme of arrangement whereby the company proposes to transfer identified cement plants owned by the company and its wholly owned subsidiary M/S Jaypee Cement Corporation to M/S UltraTech Cement on slump exchange basis," the company said in a BSE filing.
JP Associates had last year announced the sale of its cement business to the Kumar Mangalam Birla-led Ultratech for around Rs 16,000 crore, marking the biggest consolidation in the cement sector.
The deal will help the Jaypee Group firm to reduce debt, which runs into thousands of crores of rupees. The deal was subject to various regulatory approvals. The group's cement operations have a total capacity of 17.2 million tonnes per annum (MTPA) spread across Uttar Pradesh, Madhya Pradesh, Himachal Pradesh, Uttarakhand and Andhra Pradesh.
