Shares of Jaiprakash Associates (JAL) surged over 6 per cent today as Aditya Birla Group firm Ultratech will acquire two plants from JAL in Madhya Pradesh for an enterprise value of Rs 5,400 crore.

Jaiprakash Associates’ stock climbed 6.18 per cent to Rs 24.90 on the BSE.

On the NSE, it jumped 5.75 per cent to Rs 24.80.

Shares of Ultratech Cement also rose 4.74 per cent to Rs 2,660 on the BSE.

In one of the biggest deals in the cement sector, Aditya Birla Group firm Ultratech will acquire two plants from Jaiprakash Associates (JAL) in Madhya Pradesh for an enterprise value of Rs 5,400 crore.

Ultratech, the country’s largest cement maker, had yesterday said that its board has approved the acquisition of Jaiprakash Associates’ Bela unit, which has 2.1 million tonnes per annum (mtpa) clinker and 2.6 mtpa cement grinding capacity.

The other unit, located at Sidhi, has 3.1 mtpa clinker and 2.3 mtpa cement grinding capacity. Both units have a total of 180 MW power generation capacity.

“The bard has approved the merandum of understanding setting out the broad terms and conditions of the proposed acquisition. The enterprise value of this acquisition has been agreed at Rs 5,400 crore,” Ultratech Cement had said in a release.