New Delhi: Shree Cement has completed the acquisition of a cement grinding unit of Jaiprakash Associates for Rs 358.22 crore.
The acquisition of a 1.5 mtpa cement grinding unit of Jaiprakash Associates Ltd, situated at Panipat, has been consummated on April 27, 2015 for an aggregate consideration of Rs 358.22 crore, Shree Cement said in a filing to the BSE today.
In August last year, the board of Jaiprakash Associates Ltd had approved the sale of the unit on a going concern basis to Shree Cement Ltd.
Post this transaction, Jaypee Cement continues to be India's third largest manufacturer with an aggregate capacity of over 29 million tonnes per annum.
After the acquisition, Sree Cement's capacity stands at 19 mtpa with facilities in Rajasthan, Uttarakhand, Bihar and Haryana.
The company sells cement under the brand name of Shree Ultra and Bangur.
In September 2014, the Competition Commission of India had cleared the deal and noted that post transaction, the market share of Shree Cement will go up by 3 percent to stand at 26 percent.
In 2013, India's largest cement maker UltraTech Cement had acquired the Gujarat cement unit of Jaypee Cement Corporation for Rs 3,800 crore to help pare debt of the company.
Shares of Shree Cement Ltd today closed at Rs 9,947.25 apiece on the BSE, down by 0.54 percent.
