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Article: Jaypee acquires UP Cement's assets with Rs 459-crore bid.
- Article from:
- Economic Times (New Delhi, India)
- Article date:
- January 31, 2006
CopyrightCOPYRIGHT 2006 The Economic Times. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: James Mathew
Jan. 31--NEW DELHI -- The cement industry seems to be in a consolidation mode. The day Holcim announced the acquisition of 14.8 percent stake in Gujarat Ambuja, domestic cement major Jaypee Associates snapped up the assets of UP State Cement Corporation in a hotly-contested bid. The acquisition of the 2-m capacity will cost the Gaurs Rs 459 crore.
Besides the Jaypee group, Lafarge and Dalmia Cement also participated in the financial bid, which opened on Monday. Dalmia Cement is learnt to have quoted a price of Rs 376 crore. Sources said the Aditya Birla group company Grasim, which was also in the race, had decided against ...