UltraTech keen to take over JP Super despite new deal
Cement

UltraTech keen to take over JP Super despite new deal

UltraTech Cement is "keen to take over" Jaiprakash Associates' Dalla Super cement asset in Uttar Pradesh, once the arbitration process is complete, according to Atul Daga, executive director and CFO at UltraTech. The Dalla asset has a 2.3 million tonne clinker capacity and a limestone mine capacity of 100 million tonnes, and was part of a larger cement deal that UltraTech agreed to buy from Jaiprakash Associates in 2016.

Jaiprakash Associates has already entered into an agreement with Dalmia Cement Bharat for the Dalla asset, for which Dalmia Cement has executed a definitive agreement to acquire JP Super for INR 1,500 crore and expenses of up to INR 190 crore. However, the agreement is "subject to clearances and approvals, including the final outcome of the pending arbitration between Jaiprakash Associates and UltraTech," says Dalmia Cement.

The arbitration between the two companies centres on the failed redemption of redeemable preference shares (RPS) of INR 1,000 crore issued by UltraTech in favour of Jaiprakash Associates in June 2017. The shares were placed in an escrow and subject to certain precedents related to the Dalla Super deal. UltraTech claims that the redemption failed due to inaction on the part of Jaiprakash Associates in signing the joint instruction notice, while Jaiprakash Associates argues that "UltraTech’s right to obtain the transfer and vesting of Jaypee Super Plant of Jaiprakash Associates along with the mines under Blocks 1, 2, 3 & 4 in Sonebhadra, Uttar Pradesh, stands ceased," due to UltraTech's failure to redeem the RPS issued in its favour and its failure to exercise the option to waive the fulfilment of relevant conditions within the permissible time.

Jaiprakash Associates announced a fresh deal for the assets with Dalmia Cement in December 2022, as part of a larger deal worth an enterprise value of INR 5,666 crore. The definitive agreements were signed in April, with Dalmia Bharat executing the deal in three tranches, with the third tranche comprising the Dalla asset.

According to analysts with Asian Markets Securities, the Dalla asset is important for its access to limestone reserves. "Uttar Pradesh doesn't have limestone except Super Dalla complex of UltraTech Cement (erstwhile with Jaiprakash Associates) and hence, no additional clinker capacity can be set up," they say. Analysts note that the deal is crucial for Dalmia Cement due to similar clinker-related reasons.

Also Read
Asian Paints' net profit increased by 44%
Noida authority team to visit Gujarat & Haryana


UltraTech Cement is keen to take over Jaiprakash Associates' Dalla Super cement asset in Uttar Pradesh, once the arbitration process is complete, according to Atul Daga, executive director and CFO at UltraTech. The Dalla asset has a 2.3 million tonne clinker capacity and a limestone mine capacity of 100 million tonnes, and was part of a larger cement deal that UltraTech agreed to buy from Jaiprakash Associates in 2016. Jaiprakash Associates has already entered into an agreement with Dalmia Cement Bharat for the Dalla asset, for which Dalmia Cement has executed a definitive agreement to acquire JP Super for INR 1,500 crore and expenses of up to INR 190 crore. However, the agreement is subject to clearances and approvals, including the final outcome of the pending arbitration between Jaiprakash Associates and UltraTech, says Dalmia Cement. The arbitration between the two companies centres on the failed redemption of redeemable preference shares (RPS) of INR 1,000 crore issued by UltraTech in favour of Jaiprakash Associates in June 2017. The shares were placed in an escrow and subject to certain precedents related to the Dalla Super deal. UltraTech claims that the redemption failed due to inaction on the part of Jaiprakash Associates in signing the joint instruction notice, while Jaiprakash Associates argues that UltraTech’s right to obtain the transfer and vesting of Jaypee Super Plant of Jaiprakash Associates along with the mines under Blocks 1, 2, 3 & 4 in Sonebhadra, Uttar Pradesh, stands ceased, due to UltraTech's failure to redeem the RPS issued in its favour and its failure to exercise the option to waive the fulfilment of relevant conditions within the permissible time. Jaiprakash Associates announced a fresh deal for the assets with Dalmia Cement in December 2022, as part of a larger deal worth an enterprise value of INR 5,666 crore. The definitive agreements were signed in April, with Dalmia Bharat executing the deal in three tranches, with the third tranche comprising the Dalla asset. According to analysts with Asian Markets Securities, the Dalla asset is important for its access to limestone reserves. Uttar Pradesh doesn't have limestone except Super Dalla complex of UltraTech Cement (erstwhile with Jaiprakash Associates) and hence, no additional clinker capacity can be set up, they say. Analysts note that the deal is crucial for Dalmia Cement due to similar clinker-related reasons. Also Read Asian Paints' net profit increased by 44% Noida authority team to visit Gujarat & Haryana

Next Story
Real Estate

Integrated Waterproofing Strategies

Waterproofing buildings used to be an annual pre-monsoon affair but the evolution of real-estate development has changed that approach. In new developments, developers are weaving waterproofing solutions into both the design and construction phases, an approach that Nikhil Madan, Managing Director, Mahima Group, says, “is all about ensuring lasting durability [of the building] and keeping lifecycle risks including water seepage and extensive maintenance to a minimum.”Watertight by designAluminium formwork systems aren’t commonly thought of as a waterproofing tool but at the Mahima Group,..

Next Story
Infrastructure Urban

GROHE Showcases Water-Led Design At Milan

GROHE unveiled its GROHE SPA Aqua Sanctuary at Milan Design Week 2026, transforming Piccolo Teatro Studio Melato into an immersive showcase of water, design and wellbeing. Built on the philosophy of ‘Wellbeing Through Water’, the installation reimagined bathrooms as holistic spaces for relaxation, rejuvenation and self-care.The Aqua Sanctuary was presented through three interconnected sanctums. The first showcased the 3D-printed GROHE SPA AquaTree shower and faucet, highlighting bespoke innovation and biophilic design. The second featured the Atrio Private Collection and GROHE SPA x Buster..

Next Story
Infrastructure Transport

Rahee Group Expands Rail Manufacturing Capacity

Rahee Group has outlined a multi-year investment roadmap to expand its operational footprint and strengthen manufacturing capabilities for India’s growing railway and urban transit sector. The Group is expanding in Odisha with a new Track Component Casting Unit, for which the groundbreaking ceremony was held on 8 April 2026 in the presence of Odisha Chief Minister Mohan Charan Majhi.The Group’s flagship EPC arm, Rahee Infratech Ltd, continues to focus on complex rail infrastructure projects, including track systems, bridges, viaducts and ballastless infrastructure. Its wholly owned subsidi..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

-->