Aditya Birla group company UltraTech Cement Ltd on Wednesday said it has acquired the cement grinding assets of Burnpur Cement Ltd in Jharkhand for Rs 169.79 crore.
The company has acquired 0.54 tonnes per annum of cement abrasives from Burnpur Cement Ltd, based at Patratu in Jharkhand, UltraTech Cement said in a regulatory filing.
“The acquisition has been effected for a consideration of Rs 169.79 crore in terms of the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 read with the Security Interest (Enforcement) Rules, 2002” , it added. .
This investment marks the company’s entry into Jharkhand, the filing said, and the company’s capacity in India now stands at 133 million tonnes per annum.
Last year, state-run Punjab National Bank (PNB) had put the account of loss-making Burnpur Cement up for sale and sought quotes from Asset Reconstruction Companies (ARCs) to recover outstanding loans of over Rs 50 crore.
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First print: November 29, 2023 | 11:55 PM IST