UltraTech to buy Jaiprakash cement plants for 165 billion rupees

New Delhi: UltraTech Cement Ltd, part of the Aditya Birla conglomerate, said on Sunday it had agreed to buy Jaiprakash Associates Ltd's cement plants for 165 billion rupees ($2.4 billion) including debt.

UltraTech, which has been competing with domestic and international bidders for the assets, said in a statement it had signed a memorandum of understanding with Jaiprakash to acquire the plants, which have a total cement capacity of 22 million tonnes per annum.