Amarchand & Mangaldas & Suresh A. Shroff & Co. is advising UltraTech Cement Ltd. on its proposed $600 million purchase of Jaypee Cement Corp. Ltd.’s production unit in the Indian state of Gujarat.

The deal largely involved UltraTech assuming the $576 million in debt held by Jaypee’s Gujarat unit, with the company issuing shares to Jaypee to cover the remaining portion of the acquisition cost. The deal, which is subject to shareholder and regulatory approval, is expected to close by the second quarter of next year.

Amarchand Mumbai-based co-managing partner Cyril Shroff and corporate partner Tushar Mavani are acting for UltraTech.

Vaish Associates Mumbai partners Bomi Daruwala and Martand Singh are representing Jaypee on the deal.