India: Competition watchdog CCI clears UltraTech’s $2.4b deal with Jaypee Group

Ultratech Cements on Wednesday said fair trade regulator Competition Commission of India has approved the merger of the cement maker with Jaiprakash Associates, Jaypee Cement Corporation.

In March, Ultratech announced that it will acquire Jaypee Group’s cement plants in Madhya Pradesh, Uttar Pradesh, Uttarakhand, Himachal Pradesh and Andhra Pradesh with a total capacity of 21.20 million tonnes per annum at an enterprise value of Rs 16,189 crore.

“CCI has by its letter dated August 8, 2016 informed the company that it has approved the proposed combination under sub-section (1) of section 31 of the Competition Act, 2012. Copy of the CCI order is awaited,” it said in a regulatory filing.

The development is in reference to development on July 4, 2016, when Ultratech notified exchanges about the approval of its Board to the Scheme of Arrangement between JAL, JCCL and the firm for acquisition of the identified cement plants of JAL and JCCL, subject to requisite approvals, it added.

Full Content: Economic Times

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