Dalmia Cement (Bharat) Limited entered into a binding Framework Agreement to acquire Cement, Clinker and Power Plants from Jaiprakash Associates Limited (BSE:532532) and Jaiprakash Power Ventures Limited (BSE:532627) for INR 2.5 billion on December 12, 2022. The transaction is subject to due-diligence, receipt of the requisite statutory approvals, requisite approvals from lenders/JV partner of Jaiprakash Associates Limited, subject to approval of the Competition Commission of India and regulatory authorities. The transaction is expected to complete in phased manner in 12 months. As of February 4, 2023. Dalmia Cement (Bharat) Limited signed a definitive agreement to acquire Cement, Clinker and Power Plants from Jaiprakash Associates Limited (BSE:532532) and and its associates.

Ernst & Young acted as accountant and financial advisor and Vaish Associates acted as legal advisor for Jaiprakash Associates Limited. Arpwood Capital Pvt. Ltd. assisted as the transaction advisors, M/s Khaitan & Co. as the legal advisor and M/s Desai Haribhakti & Co. acted as the financial and Tax diligence advisors in the transaction. As on February 15, 2023, The Competition Commission of India has approved the transaction.