In an attempt to add to its cement making capacity, UltraTech Cement belonging to Aditya Birla group has recently sealed a Rs. 3,800cr cement unit buyout deal in Gujarat. The cement plant, which belonged to Jaiprakash Associates', currently, has a 4.8 million tpa cement making capacity. In fact, the Birla group has prepared a detailed blueprint to scale up its cement making capacity to 64.45 million tons per annum from the current 53.90 million tons. The deal was cracked after a protracted negotiations, which picks up pace recently after valuations fell in the wake of the slump in the economy and also in the capital markets as the group had earlier offered close to Rs 4,500cr for the plant since it provides access to the fast-growing Gujarat market. Jaiprakash Associates, a diversified Delhi-based player with interest in cement, power, infrastructure, real estate, construction and hospitality, had spun off its cement units in Gujarat and AP into a separate company last year.
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