Orient to buy 74% in Bhilai Cement from JP Associates

Orient Cement is set to acquire 74 percent in Bhilai Cement from JP Associates. The enterprise value is Rs 1450 crore and it works out to USD 110 a tonne.

JP Associates, a loss-making company, logged a combined loss of Rs 5,086 crore in the last nine quarters. The total debt stood at Rs 67,528 crore as of March 31.

In July, the company had rejigged the sale of its major cement business to UltraTech Cement for over Rs 16,000 crore. Earlier, JP Group had sold cement plants in Gujarat to UltraTech Cement for Rs 3,800 crore. Watch video for more...