Dalmia Bharat to buy Jaypee Cement for Rs 56.66 billion

14 Dec 2022 CW Team

Dalmia Bharat said that its cement subsidiary will be acquiring the cement and power plants of Jaiprakash Associates for Rs 56.66 billion, marking an end to months of speculation over potential suitors for the assets.

The assets put together have a cement manufacturing capacity of 9.4 million tonne, clinker capacity of 6.7 million tonnes and thermal power plants of 280 MW and are situated in Madhya Pradesh, Uttar Pradesh, and Chhattisgarh.

The new plants will take the cement manufacturing capacity of Dalmia Cement to 46.3 MTPA from the present 35.9 MTPA, as per its website. This will take the cement maker closer to its target of achieving 75 MTPA capacity by FY27 and upwards of 110 MTPA by FY31.

It will also put the fourth-largest cement maker in India close to third-placed Shree Cement in terms of manufacturing capacity. UltraTech Cement and the Adani Group – who recently acquired Ambuja Cements and ACC – are the leading cement makers in India.

Debt-laden Jaiprakash Associates had said in a regulatory filing earlier this year that it would be divesting its cement assets. Earlier, media reports claimed the Adani Group was the frontrunner for acquiring these assets.

For Dalmia Cement, the acquisition will expand its footprint in the central region, furthering its target of being a pan-India player.

The transaction is yet another major consolidation in India’s highly fragmented cement sector. The acquisition of ACC and Ambuja Cements by the Adani Group earlier this year and Gautam Adani’s subsequent announcement of aggressive expansion plans jolted the cement industry into action. Incumbent leading players have followed suit and announced similarly aggressive expansion plans.

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