Cement Sale
Awaiting price reaction for this filing.
Jaiprakash Associates has completed the sale of its cement manufacturing operations located in Rewa (Madhya Pradesh), Churk, Chunar and Sadwa (Uttar Pradesh) to Dalmia Cement (Bharat) Limited for INR 2,850 Crores. The transaction was executed via a business transfer agreement cum settlement agreement. The sale was structured to settle and bring closure to all disputes between the two companies, including ongoing legal proceedings, a pending arbitral award, and the framework agreement signed between the parties in December 2022.
This sale marks the exit of Jaiprakash Associates from cement manufacturing, settling long-standing litigation. Shareholders should note the company has divested a significant portion of its core business, with proceeds used to resolve legal disputes.