Displaying items by tag: Steel Authority of India

India: Dalmia Bharat expects to conclude its acquisition of Jaypee Cement by the end of September 2024, six months later than previously anticipated. The Hindu Business Line newspaper has reported that the group attributed the postponement to ‘procedural delays,’ including pending approvals from banks, on-going arbitration between Jaiprakash Associates and UltraTech Cement and some ‘lack of clarity’ around existing joint ventures between Jaiprakash Associates and state-owned Steel Authority of India.

Dalmia Bharat said “We are progressing in the right direction. These are procedural delays over which we have no control.”

India: Dalmia Cement (Bharat) faces a potential stumbling block to its planned acquisition of Jaiprakash Associates’ cement business for US$683m due to an on-going shareholder dispute at subsidiary Jaypee Bhilai Cement. The Economic Times newspaper has reported that a court has frozen Jaiprakash Associates’ 74% shareholding in the company, and ordered it not to create new third party rights. State-owned Steel Authority of India Limited holds the remaining 26% stake in the cement producer, which operates the 2.2Mt/yr Bhilai Jaypee grinding plant in Durg, Chhattisgarh.

Dalmia Cement (Bharat) and Jaiprakash Associates concluded multiple separate agreements for the transfer of ownership of Jaiprakash Associates’ cement subsidiaries on 26 April 2023. Besides Jaypee Bhilai Cement, these include cement plant and limestone mine operator JP Super and grinding plant operator Jaiprakash Power Ventures.