Birla Group’s Ultra Tech Cement will take over JP Cement plant.
The cement plant of Jaypee Company located in Baga in Solan district of Himachal has now becomes the company of Birla Group’s UltraTech.
After the approval of the state government, the cement plant will be completely taken over by the Ultra Tech company. The company has deposited all dues and upfront payment to the Mining Department to complete the process.
Industry Minister, Mukesh Agnihotri said an agreement between the Director, Industries, and Ultra Tech Cement and JP Cement would be signed on Thursday . He said the Ultra Tech management would deposit Rs 28 crore prior to this agreement to clear the pending dues of the 4,000 truckers.
Ultra Tech Cement had executed the deal in Rs 1,600 crore and the state government will receive Rs 300 crore in lieu of various dues.
JP Group has been running this cement plant for a long time. In order to lighten the debt burden, the JP Group had decided to sell this cement plant.
According to company sources, UltraTech group will also start production this month. The capacity of this cement plant is four million tonnes.
This acquisition of four thousand crore rupees is the largest acquisition in industrial history of Himachal.