India: Jaypee Cement plans to sell a 51% stake in its 5Mt/yr cement plant in Gujarat to Ultratech. The value of the deal has been placed at around US$633m. A Jaypee official described the deal as 'finalised' to the Press Trust of India.
Jaypee and Ultratech have been in negotiations over the deal for a year. Ultratech reported to the Bombay Stock Exchange in December 2012 that it had not issued any press releases on the rumoured sale in a bid to calm market speculation.
In 2008 the owner of Jaypee Cement, Jaiprakash Associates, purchased purchased Bina Power Supply (BPSL) from the owner of Ultratech, Aditya Birla Group.
