Amarchand and Vaish act on UltraTech – Jaypee Cements Rs. 3,800 crore deal

Amarchand Mangaldas and Vaish Associates were the legal advisors on UltraTech Cement’s acquisition of the Gujarat cement plants of Delhi-based Jaypee Cements, a subsidiary of debt-laden Jaiprakash Associates for Rs 3,812 crore ($590 million)..UltraTech will take over around Rs.3,650 crore of the debt on the books of the unit and the remaining amount will be paid to the existing shareholders of Jaypee Cement in UltraTech stock, reports Mint..Amarchand Mangaldas advised UltraTech with a team led by Mumbai Managing Partner Cyril Shroff along with Corporate Partner Tushar Mavani. Competition Law Partner Nisha Kaur Uberoi was advising on competition law aspects of this deal..Vaish Associates advised Jaypee Cements and Jaiprakash Associates with a team led by Mumbai Partners Bomi Daruwala and Martand Singh along with Principal Associate Tushar Shah and Senior Associate Yatin Narang..The deal is for acquisition of an integrated cement unit at Sevagram and a grinding plant at Wanakbori in Gujarat, which have 4.8 million tonnes per annum (mtpa) capacity. The acquisition will help UltraTech overtake Swiss construction materials giant Holcim which controls Ambuja Cements and ACC, two of the top four cement firms in the country, according to VCCircle..The deal will be closed in the next 7-9 months after statutory approvals including those from the Competition Commission of India.