Jaypee Cement, the cement arm of Jaiprakash Associates, is set to buy a controlling stake in Zawar Cement’s defunct grinding unit at Wadi, in Karnataka’s Gulbarga district.
The Zawar Group, based out of Pune, has business interests in cement, power, mineral water and real estate. Zawar Cement had in turn bought the Wadi unit from ACC.
Valuations could not be ascertained, but Jaypee is expected to set up a 2.5Mta grinding unit in this plant. Sources say the project will be commissioned this year.
Source: DNA Money