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Sep 12, 2013
JP Cements is just a distress sale but UltraTech gets a killer bargainJaypee Associates' Rs 3,800 crore deal to sell its Gujarat cement units to UltraTech is a distress sale. For one, the company has been trying desperately to sell its cement business in order to cut its debt pile of Rs 55,000 crore. Moreover, the valuation is at a huge discount to the earlier estimates of Rs 4,500 crore.