Jaiprakash shortlists new round of divestments

Hot on the heels of selling its Gujarat cement facilities to UltraTech earlier this month, Jaiprakash Associates has initiated talks to sell two units in the Indian state of Himachal Pradesh to further trim its debt.

According to local press reports who have cited multiple sources familiar with the deal, Jaiprakash is in talks with potential buyers to sell a 2Mta integrated works and a 2Mta grinding unit, both in the Solan district.

Preliminary discussions have begun with a few global and local cement players who are either keen to enter or expand their north India footprint. As with the earlier sale of the Gujarat assets, CRH is being seen as a potential suitor. Private equity firms such as KKR (which also has Dalmia Cement in its portfolio) are also rumoured to be among companies in talks for the purchase.

Last month Jaiprakash concluded a deal with India’s leading cement producer UltraTech Cement, to sell its cement assets in Gujarat for around INR38bn (US$598m) including debt.