Ultratech drops out of race to buy Jaiprakash Associates' cement assets

Lack of agreement over valuation spurs decision; deal would have provided relief to Indian lenders, which have an exposure of Rs 28,753 crore to Jaiprakash

After the Adani group, the Aditya Birla Group-owned UltraTech Cement has dropped out of the race to acquire Jaiprakash Associates’ remaining cement assets in India due to lack of agreement over valuation of the assets.

The sale of cement units by Jaiprakash Associates would have provided relief to Indian lenders, which have an exposure of Rs 28,753 crore as on November 7, to the company and its various infrastructure projects.

Bankers said the firm approached Ultratech this October for Nigrie, Madhya Pradesh assets after the Adanis didn't agree to the valuation Jaiprakash sought. Media reports had pegged the valuation of