Jaiprakash Associates Limited has informed the Exchange about General Updates
Awaiting price reaction for this filing.
Jaiprakash Associates Limited has completed the sale of its cement business operations located in Rewa (Madhya Pradesh), Churk, Chunar and Sadwa (Uttar Pradesh) to Dalmia Cement (Bharat) Limited for a total consideration of INR 2,850 Crores. This transaction was executed through a business transfer agreement cum settlement agreement. The sale has been undertaken specifically to settle and bring closure to all disputes and differences between Jaiprakash Associates and Dalmia Cement, including all ongoing legal proceedings, a pending arbitral award, and a framework agreement executed between the parties in December 2022.
This sale represents a significant divestment of core cement assets by Jaiprakash Associates, reducing its business footprint substantially while simultaneously eliminating pending legal disputes and financial uncertainties. The INR 2,850 Crores proceeds should help improve the company's balance sheet and reduce debt obligations.