UltraTech Cement, an Aditya Birla group company, has increased its offer price for the cement units of Jaiprakash Associates by ₹289 crore to ₹16,189 crore from ₹15,900 crore.
The move follows a review by the joint lenders forum on the arrangements made by Jaiprakash Associates to reduce its debt level.
On Monday, the board of Jaiprakash Associates approved an amendment to the agreement signed in March and increased the sale price for 17.20 mtpa to ₹16,189 crore.
An additional amount of ₹470 crore will be paid by UltraTech for completion of a 4 mtpa grinding unit, said Jaiprakash Associates.