The company is likely to sell certain plants to UltraTech
India-based JP Associates is likely to sign cement deal with UltraTech, reports Money Control.
The company is likely to sell its cement plants to UltraTech at the end of March, 2016. P Associates will sell plants with a capacity of 22.4 million tons for INR 16,500 crore, including its Bela and Sidhi cement units.
Earlier this year, UltraTech had announced acquisition of debt-ridden JP Group’s cement plants for about INR 17,000 crore, making it the biggest deal in the cement sector.