UltraTech Cement, an Aditya Birla group company, announced on Wednesday that it had purchased the cement grinding assets of Burnpur Cement Ltd in Jharkhand for Rs 169.79 crore. UltraTech Cement said in a regulatory filing that it had acquired the 0.54 mtpa cement grinding assets of Burnpur Cement, which is based in Patratu, Jharkhand.
“The acquisition has been carried out at a consideration of Rs 169.79 crore in terms of the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 read with the Security Interest (Enforcement) Rules, 2002,” the statement said.
This investment marks the company’s entry in Jharkhand, the filing said, adding the company’s capacity in India now stands at 133 mtpa.
Last year, the state-owned Punjab National Bank (PNB) put the account of loss-making Burnpur Cement up for sale and invited bids from Asset Reconstruction Companies (ARCs) to recover loans totalling more than Rs 50 crore.
