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Orient Cement To Acquire Cement Asset From Jaiprakash Power Ventures Limited



2024-03-26 06:18:31 Industry

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1921


Orient Cement Limited (?Orient Cement?) today agreed to acquire Nigrie Cement Grinding unit (?Nigrie unit?) from Jaiprakash Power Ventures Limited (?JPVL?) for an Enterprise Value of INR 500 crores. The Enterprise Value is on a cash-free, debt-free basis and is subject to adjustments on account of working capital, if any.
Nigrie unit in Singrauli area, Madhya Pradesh, housed within JPVL, is a cement grinding unit with a capacity of 2.0mtpa. This grinding unit is located very close to the end markets in Bihar, Jharkhand and Eastern UP.
The acquisition is subject to satisfactory negotiation and execution of definitive agreements, approval of the Competition Commission of India and other relevant regulatory and third party approvals, and will be funded by Orient Cement through a mix of internal accruals, debt and equity funding.
The acquisition of the Nigrie unit provides Orient Cement with a high quality asset at a strategically well located region. The operational asset provides a ready to market capacity for Orient Cement and also complements its asset portfolio, post the transaction.
Orient Cement, is a part of the CK Birla Group with presence across technology, automotive, home and building, healthcare and education sectors. Orient Cement currently has 8.0mtpa of cement manufacturing capacity across 3 units in the states of Telangana, Maharashtra and Karnataka.
Deepak Khetrapal, MD & CEO of Orient Cement, said: ?Nigrie grinding unit is a very good fit for our expansion and market-diversification strategy. Its close proximity to the growing markets, and the availability of power, fly-ash and the infrastructure of the adjoining super thermal power plant of JPVL provides us an opportunity to reach these markets very efficiently.?
Moelis & Company is the financial advisor, while Cyril Amarchand Mangaldas is the legal counsel to Orient Cement for this transaction.
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Company :-Orientcement

User :- Ajith kumar

Email :-orientcement16@gmail.com

Phone :-+91-040-23688600

Mobile:- -

Url :- http://www.orientcement.com






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