Shree Cement has acquired a cement grinding unit of Jaiprakash Associates for Rs 358.22 crore.

On Monday, in a BSE filing, the company Shree Cement said that the acquisition of a 1.5 mtpa cement grinding unit of Jaiprakash Associates Ltd, situated at Panipat, has been consummated on April 27, 2015 for an aggregate consideration of Rs 358.22 crore.

The Board of Jaiprakash Associates Ltd has approved the sale of the unit on a going concern basis to Shree Cement in the August last year.

Jaypee Cement continues to be India’s third largest manufacturer post this transaction.