Source: Bar and Bench

Orient Cement, a firm owned by the Chandra Kant Birla group, is acquiring a 74 per cent stake in Bhilai Jaypee Cement and Nigrie cement grinding unit from Jaypee group at an enterprise value of Rs. 1,950 crore.

Cyril Amarchand Mangaldas advised Orient Cement with a team led by managing partner Cyril Shroff, who was supported by Mumbai and New Delhi based corporate partners Smruti Shah and Aarti Joshi.

The tax advisory team was led by Delhi-based partners SR Patnaik and Mekhla Anand, and the competition law advisory was led by Mumbai based partners Anshuman Sakle and Bharat Budholia.

Vaish Associates advised Jaypee group with a team led by Partner Martand Prakash Singh.

While the transactions would help beleaguered Jaypee group in reducing its Rs. 67,500 crore of consolidated debt as on March this year, it would increase Orient Cement’s presence in central and eastern India, reported Business Standard.