Cyril Amarchand Mangaldas has advised UltraTech Cement on its $2.4 billion acquisition of cement assets from Jaiprakash Associates and its subsidiaries (Jaypee), which was advised by Vaish Associates.

UltraTech Cement, part of the Aditya Birla conglomerate, will acquire Jaypee’s 12 plants across India and will also buy Jaiprakash's broader cement business, allowing the transfer of limestone reserves - a major raw material for cement.

The agreement will increase India's biggest cement maker's installed annual capacity by one-third to 90.7 million tonnes, and provide infrastructure firm Jaiprakash with much-needed relief to pare its debts.

Cyril Amarchand partners Vandana Shroff, Tushar Mavani, Aarti Joshi and Nisha Kaur Uberoi advised UltraTech Cement on the acquisition.

A Vaish Associates team led by partners Bomi F. Daruwala and Martand P. Singh represented Jaypee.