Displaying items by tag: Bhilai Jaypee Cement

India: The National Company Law Tribunal (NCLT) has directed the initiation of insolvency proceedings against Jaiprakash Associates subsidiary Bhilai Jaypee Cement over debts owed to coal supplier Sidhgiri Holdings, amounting to US$5.12m. News18 News has reported that the NCLT has suspended the company’s board and appointed an interim resolution professional.

Sidhgiri Holdings sent a statutory demand notice in June 2024 over three partly-paid purchase orders for 6000t of coal between September 2021 and June 2022. The principal amount is US$3.43m, with US$1.74m in interest accrued.

Bhilai Jaypee Cement contested the insolvency plea, claiming that Sidhgiri Holdings filed it with an intent of recovery, because Bhilai Jaypee Cement is solvent.

India: Dalmia Bharat says its has executed definitive agreements with Jaiprakash Associates to buy cement, clinker and power plants. The latest part of the acquisition process has cleared Dalmia Bharat to buy the JP Super Cement plant in Uttar Pradesh for US$183m, subject to various clearances and approvals. In addition, Dalmia Bharat has also agreed to buy a 74% share of Bhilai Jaypee Cement for an enterprise value of US$81m and is in the process of signing a seven-year lease agreement with Jaiprakash Power Ventures for its 2Mt/yr Nigrie Cement grinding plant in Madhya Pradesh. Dalmia Bharat will have the option to purchase the Nigrie unit anytime within the lease period for an enterprise value of around US$30m.

Dalmia Bharat agreed to buy selected assets from Jaiprakash Associates for US$684m in December 2022. Cement and grinding plants under the deal are situated in Chhattisgarh, Madhya Pradesh and Uttar Pradesh. The Competition Commission of India (CCI) approved the deal in February 2023.