UTCLUltra Tech Cement Ltd. (Andhra Pradesh, India)
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In a filing to the BSE, JAL said: "Board today approved the definitive agreement with Ultratech Cement Ltd (UTCL) for sale of part of its cement business comprising identified operating cement plants with an aggregate capacity of 17.2 MTPA spread over the states of UP, MP, HP, Uttarakhand and Andhra Pradesh, besides a grinding unit of 4 MTPA capacity, which is currently under implementation in UP."
"The total enterprise value is Rs 15,900 crore and additional amount of Rs 470 crore shall be paid by UTCL for completion of the grinding unit under implementation," it said.
In a separate filing, JAL said: "In view of recent amendment in MMDR Act, 1957, Bombay High Court indicated that it cannot sanction Scheme of Arrangement for transfer of 2 of company's cement plants at Bela and Sidhi in MP to UltraTech Cement and on its request, UTCL was permitted by Bombay High Court to withdraw its petition on February 25, 2016."