Coal news and updates

 

The Rs 16,500 crore cement deal with JP Associates and UltraTech is likely face a roadblock with the latter wanting to renegotiate terms of the deal, sources have told CNBC-TV18. 

It is learnt that UltraTech wanted to renegotiate the deal terms, something that JP's lenders, which have proposed to initate strategic debt restructuring (SDR) on the debt-laden firm, have refused. At the same time, other bidders have approached JP with a better offer for its cement unit, and it is learnt that the management is now evaluating other options. When contacted, JP Associates did not offer any comments while UltraTech told CNBC-TV18 that the transaction is on course.