Dalmia Bharat to buy JP Associates' cement, clinker and power plants

A binding agreement had been signed between Dalmia Bharat and JP Associates in December 2022 and February 2023.

A regulatory filing stated that the agreements were executed on April 25, allowing Dalmia Cement, a subsidiary of Dalmia Bharat, to acquire JP Super for Rs 1500 crore.

According to the statement, the acquisition is subject to the final outcome of the pending arbitration between JP Associates Limited and Ultratech Cement.

Moreover, Dalmia Cement executed the share purchase agreement for 84.5 percent of Bhilai Jaypee Cement Limited (BJCL), a JP Associates unit, for Rs 666 crore.

A long-term lease agreement has also been signed with Jaiprakash Power Ventures Ltd for Dalmia Cement's Nigrie Cement Grinding Unit of two million MTPA located at Singrauli in Madhya Pradesh for seven years.

"Nigrie Unit can be purchased at an Enterprise Value of Rs 250 crore during the lease period," according to the filing.