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Dalmia Bharat said it will hold talks with its interim resolution professional regarding the acquisition of cement assets of Jaiprakash Associates Ltd. The company had announced the acquisition of cement units about 18 months ago, but the process is still incomplete due to ongoing negotiations between JAL’s lenders and mediation with UltraTech.
New Delhi. Dalmia Bharat said on Friday that it will talk to its interim resolution professional (IRP) regarding the acquisition of cement assets of Jaiprakash Associates Limited (JAL). The company had announced the acquisition of cement units about 18 months ago, but the process is still incomplete due to ongoing talks between JAL’s lenders and mediation with UltraTech. Dalmia Bharat said in a notice to the stock exchange, “Dalmia Cement (Bharat) Limited, a wholly owned subsidiary of the company, will remain in touch with the interim resolution professional of JAL and the company will keep the stock market informed about any progress / development in the matter.”
This week, the Allahabad bench of the National Company Law Tribunal (NCLT) had directed to initiate insolvency proceedings against JAL. Along with this, suspending the board of directors of JAL, NCLT appointed an IRP to look after the affairs of the debt-ridden company. Dalmia Bharat had announced the acquisition of cement assets of Jaypee Group flagship company JAS and its associate firms at an enterprise value of Rs 5,666 crore in December 2022. Under the announcement, a definitive agreement was signed between Dalmia Bharat and JAL to acquire the cement business in April 2023. However, the deal is still facing hurdles due to pending discussions between banks and National Asset Reconstruction Company Limited (NARCL).
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