Jaiprakash Associates Ltd has received shareholder approval to sell two cement units in Madhya Pradesh to UltraTech Cement Ltd, the company said in a notice to the stock exchanges.

In December, Jaiprakash Associates signed a deal with UltraTech Cement to sell its cement units in the central Indian state for INR54bn.

The board of directors of UltraTech Cement and the Competition Commission of India have also approved the deal.