Ultratech Cement Ltd is nearing an agreement to acquire Jaiprakash Associates Ltd?s cement grinding plant in central India. The cement maker is in advanced talks to buy the Jaiprakash facility in Bhilai, in Chhattisgarh state, they added. It has been discussing a purchase price of Rs 600 crore to Rs 700 crore for the plant.
An acquisition would help Birla?s conglomerate meet its target of increasing cement capacity to 100 mt in a decade, a vision the billionaire outlined in November 2014. It would mark UltraTech?s fourth purchase of a cement plant from the Jaiprakash group.