Ultratech Cement gains on CCI nod for Jaypee cement assets

MUMBAI: Shares of Ultratech Cement moved higher in early trade after the company got an approval from CCI for purchase of Jaypee Cement Corporation’s facilities in Gujarat.

As per the deal, Ultratech, a leading manufacturer of cement in India, will acquire Jaypee's cement unit in Gujarat comprising an integrated cement plant at Sewagram, limestone reserves, captive power plant and mining leases for Rs 3,800 crore.

In an order released today, the Competition Commission of India (CCI) said "it is of the opinion that the proposed combination is not likely to have an appreciable adverse effect on competition in India".

Ultratech will now seek shareholder nod on Jaypee acquisition on January 20.

At 09:30 a.m.; Ultratech Cement was at Rs 1796, up 1.66 per cent, on the BSE. It touched a high of Rs 1,800 and a low of Rs 1,779 in trade today.