India’s Jaypee to sell stake in cement unit

India’s Jaypee to sell stake in cement unit
Published: 07 November 2011

India’s Jaypee Group, the US$3bn engineering and construction conglomerate, is in talks to sell a stake in its cement unit Jaiprakash Associates, the Economic Times newspaper reported on Monday citing a company executive.

Jaypee has approached a number of investors including Singapore state investor Temasek Holdings regarding a stake in Jaiprakash, India’s fourth-largest cement company by sales, group managing director Manoj Gaur was quoted as saying.

The stake sale is part of fundraising to reduce the group’s debt, which stands at around US$8bn, the report said.