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Ours is Company, which honestly tried to restructure its debt even if that meant parting of precious assets because credibility is more important, said Manoj Gaur, Executive Chairman, JP Associates.
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Competition Commission today imposed more than Rs 6,700 crore penalty on 11 cement companies, including ACC and Binani, for cartelisation.
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Nisha Poddar of CNBC-TV18 was joined by Puneet Dalmia of Dalmia Bharat, Anil Singhvi of Ican Investments Advisors and Vikram Hosangady of KPMG to understand the big deal between JP Associates and UltraTech Cement, and other deals in the offing.
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JP Associates currently has debt of Rs 28,000 crore alongwith Rs 2,000 crore in a subsidiary. The entire sale process will be completed by this year-end, says Rahul Kumar, Director & CFO of JP Associates.
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Reacting to the news, Jaspreet Singh Arora of Systematix Shares and Stocks and Sanjiv Bhasin of IIFL said the deal will largely be positive on UltraTech Cement.
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UltraTech will work to improve JPA's operational efficiency by over 50 percent in a year's time after the deal is consummated, says Atul Daga, CFO of the company.
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Speaking to CNBC-TV18, Atul Dagga, CFO of UltraTech Cement, said the total capacity of the company post the acquisition will go up to 90 mtpa.
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Sharing his views on Vijay Mallya's debt repayment plan, Siddharth Purohit, Senior Research Analyst, said that the question will shift to how the deal is structured and the source of payment.
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JP Associates will sell cement plants with capacity of 22.4 million tonnes for Rs 16,500 crore to UltraTech, sources say.
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Speaking to CNBC-TV18, Â Rajat Monga CFO, YES Bank says the bank has restructured two borrower's accounts in the road sector for the quarter, totalling to about 20-21 bps on the banks' loan book.
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In an interview to CNBC-TV18, Deepak Narang, executive director, United Bank of India expects the airline to be declared a wilful defaulter in 15-20.
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BK Batra, DMD of IDBI Bank says the timing seems right to monetize a part or its entire stake in CARE. He believes the bank can get between Rs 600 crore and Rs 700 crore for its entire shareholding.
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The company is confident of funding the deal with internal accruals.
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Manoj Gaur, executive chairman, Jaiprakash Associates says the deal is valued at Rs 900 crore per million tonne and the company now has around 20 MT of cement capacity.
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According to HM Bangur of Shree Cements prices have been impacted adversely due to low demand.The prices have come down by Rs 10-15 per bag in the North India where they operate.
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Discussing the latest developments, Deepak Narang, ED, United Bank of India, said the bank had given money to Airbus on behalf of Kingfisher and its unethical of them (Airbus) not to deliver post taking money.
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Shree Cement was in talks with JP Associates with respect to this deal for a month, HM Bangur, managing director of Shree Cements.
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The company‘s capacity will increase to 1800MW in India post JP deal and this transaction is likely to complete later this year, TAQA said.
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Manoj Gaur, executive chairman, JP Associates says the company is taking a slew of measures to reduce debt meaningfully. It plans to announce two more deals on divestment in four weeks and is looking to sell two cement units and two hydro plants under phase 1. Phase 1 will also include the sale of some land bank under JP Infratech.
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Despite adversities, the company still managed to report a year-on-year growth in cement, Manoj Gaur of Jaiprakash Associates said. Yet, the outlook for the sector as a whoel remains challenging because of the oversupply situation he said.
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We are on course to reduce our debt at corporate level, at group level by Rs 14,000 -15,000 crore, says Manoj Gaur, Executive Chairman, Jaiprakash Associates
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There is optimism that prices would go up but at the same time when newer capacities come in, there will be pressure on prices, correction will happen, says Sanjay Ladiwala, Cement Stockists and Dealers Association of Mumbai. This volatility is likely to continue for the next six months.
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BK Batra, Deputy MD, IDBI Bank in an interview to CNBC-TV18, said they welcome the UltraTech and JP Associates deal because post deal he expects the debt level of JP Associates to get moderated.
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Kumar Mangalam Birla believes it is a good asset, it is well priced, it is a fair value. It fits in with our overall scheme of things strategically.
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Speaking to CNBC-TV18 soon after the announcement of the deal, Gaur said that the UltraTech's acquisition of its Gujarat plant is only a part of the company's debt reduction plan.
