UltraTech eyes Jaypee's three cement plants in Madhya Pradesh.

Aditya Birla group firm Ultratech Cement is believed to be looking at possible acquisition of Jaypee Group's three cement plants in Madhya Pradesh in a deal that could be worth about Rs. 5,500-6,000 crore. While investment banking sources involved in the talks said that the discussions are currently under way for a possible deal, a spokesperson for UltraTech declined to comment on queries in this regard. When contacted, Jaypee Group spokesperson Askari Zaidi denied any plans for sale of these plants. "This information is not correct. The company has no plan to sell its Reva cement plants," he said. Sources, however, maintained that UltraTech is looking to acquire the three cement plants of Jaypee Group in Reva, Madhya Pradesh and pegged the valuation at around Rs. 5,500- 6,000 crore. They added that the discussions are currently focussed mainly on valuation part.