Jaiprakash Associates update on divestment process in terms of framework agreement

Jaiprakash Associates announced that in line with the continuing endeavor of Jaypee Group's resolve to reduce its debt, in terms of the Framework Agreement dated 12 December 2022, the Company and its subsidiaries have today signed the Definitive Agreement with Dalmia Cement (Bharat) (DCBL) in respect of cement capacity of 5.2 Million Tonne Per Annum (MTPA), clinker grinding capacity of 3.3 MTPA and Thermal Power Plants (TPP) of aggregate capacity of 280 MW (which includes transfer of 180 MW TPP to a SPV of which 57% stake shall be held by DCBL).

Thus, by now, the Definitive Agreements for an Enterprise Value of Rs.3,230 crore stand executed and process for the remaining part of the divestment as envisaged under the Framework Agreement dated 12 December, 2022 with DCBL is in progress.

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