M&A

M&A

Ambuja Cements is lone bidder for insolvent Jaypee Cement at Rs.580-Cr

Economic Times   Jaypee Cement Corporation   Jaypee Cement  

Mumbai-based, publicly listed Ambuja Cements has submitted a bid of Rs.580-Cr to acquire Noida-based Jaypee Cement Corporation . The transaction is part of an insolvency resolution process initiated following a petition by the State Bank of India (SBI) in July 2024.Incorporated in 1996, Jaypee Cement has a capacity of 5 million tonnes per annum. It also owns two captive power plants, one of which is currently under implementation. The submitted bid is currently below the liquidation value of Rs.880-Cr, which has resulted in lenders negotiating with Ambuja for a revised offer.