Orient Cement terminates share purchase and business transfer agreement
In a letter to BSE, Orient Cement has informed that it has terminated the share purchase agreement and business transfer agreement signed with Jaiprakash Associates and Jaiprakash Power Ventures. A year ago, Orient Cement has entered into a share purchase agreeement with Jaiprakash Associates for the acquisition of 74% (seventy four percent) equity shares of Bhilai Jaypee Cement Limited. During the same period the company has also entered into a business transfer agreement with Jaiprakash Power Ventures and Jaiprakash Associates for the acquisition of the Nigrie Cement Grinding Unit.
Under the provisions of the Share Purchase Agreement and the Business Transfer Agreement, either party is entitled to terminate the agreement if the closing does not take place within the expiry of 12 (twelve) months from the date of execution of the Share Purchase Agreement and the Business Transfer Agreement, as the case may be. Accordingly, since the closing has not been achieved within the said period of 12 (twelve) months, Orient Cement has terminated the Share Purchase Agreement and the Business Transfer Agreement with notice to the other parties.
@EPC World Media