NEW DELHI: In a setback to crisis-hit Jaypee group, the CK Birla Group firm Orient Cement has terminated its Rs 1,946-crore deal to acquire Jaiprakash Associates Ltd’s (JAL) two firms — Bhilai Jaypee Cement and Nigrie Cement Grinding Unit.The deal has been terminated as both parties failed to complete the transactions within the stipulated 12 months time, according to regulatory filings.Jaypee Group has been selling cement plants and other assets to reduce its debt from the peak level of around Rs 75,000 crore.JAL, the flagship company of Jaypee Group, had last year concluded Rs 16,189 crore sale of its six integrated cement plants and five grinding units, having a capacity of 21.2 million tonnes to Aditya Birla group firm UltraTech.On May 31 last year, Orient Cement had signed a share purchase agreement with Jaiprakash Associates Ltd (JAL), to acquire 74 per cent stake in Bhilai Jaypee Cement Ltd.A business transfer agreement was also signed between Orient Cement, Jaiprakash Power Ventures Ltd (JVPL) and JAL for acquisition of Nigrie Cement Grinding Unit as going concern from JPVL.Both the parties had agreed to conlcude the deal in 12 months.”Accordingly, since the closing has not been achieved within the said period of 12 months, the company has terminated the share purchase agreement and the business transfer agreement with notice to the other parties,” Orient Cement said in the filing.Similarly, JPVL informed BSE that it has received letter from Orient Cement terminating the agreements.”We are in receipt of letter dated 31st May, 2018 from Orient Cement terminating the said BTA and other related agreements pursuant to the closing of the transaction not having taken place within the expiry of 12 months from the execution Date,” JPVL added.Bhilai Jaypee Cement has a cement manufacturing capacity of 2.20 million tonnes (MT) and 1.10 MT of clinker. In 2015-16, it had a turnover of Rs 399.27 crore.While, Singrauli, Madhya Pradesh-based Nigrie Cement Grinding Unit has a production capacity of 2 MT. It had a turnover of Rs 90.70 crore in 2015-16.Besides JAL, Jaypee group two other firms are Jaypee Infratech and JVPL.JPVL is a power generation company with a capacity of 2,220 MW comprising one hydro and two thermal power plants.Debt-ridden Jaypyee Infratech is facing insolvency proceedings for default of certain amount of loan to IDBI.Jaypee group is also facing litigations before the Supreme Court, where its home buyers have approached for getting possession of their flats.