CK Birla firm to buy two cement assets

CK Birla group firm Orient Cement has struck twin deals with Jaiprakash Associates to buy its majority stake in a JV with SAIL and a grinding unit from another group firm to expand to other regions. It has inked a deal to acquire Jaiprakash´s 74 per cent stake in its JV, Bhilai Jaypee Cement, for an enterprise value of Rs 1,450 crore. Separately, it has struck an agreement to buy Nigrie Cement Grinding unit from Jaiprakash Power Ventures for an enterprise value of Rs 500 crore. The twin transactions are expected to complete in the first-half of 2017. Contact: Orient Cement. Tel: 011-4209 2100. Website: www.orientcement.com