The Competition Commission of India (CCI) has approved the sale of one of the unit's of Jaypee Cement to Ultratech Cement.
"With reference to the earlier announcement dated September 11, 2013 about the approval granted by the Board of Directors of the Company to the acquisition of the Cement Unit of Jaypee Cement Corporation Limited, (JCCL) located in Gujarat with the Company, UltraTech Cement Ltd has now informed BSE that the Competition Commission of India has by an order dated December 20, 2013 (received by the Company on December 23, 2013), passed under section 31(1) of the Competition Act, 2002 approved the proposed combination," Ultratech Cement has stated in a filing to the Bombay Stock Exchange.
"Further, court convened meetings of the equity shareholders, secured and unsecured creditors of the Company will be held on January 20, 2014 seeking their approval to the Scheme of Arrangement," the filing said.
It may be recalled that earlier in Sept, UltraTech, India's largest cement company agreed to buy the Gujarat cement plants of Delhi-based Jaiprakash Associates. The acquisition of the Gujarat plant, will boost Ultratech's capacity. The deal size was valued at Rs 3,800 crores.