India-based Jaypee Group is to offload the remainder of its cement business with disposals expected to be concluded by March, Business Standard (India) reported citing sources familiar with the deal.
The proceeds will be used by Jaiprakash Associates to retire a part of its ~INR61,285 crore debt held in 2014-15, down from ~INR72,599 crore in 2013-14.
Jaiprakash Associates had earlier sold two cement units in Gujarat and Madhya Pradesh to UltraTech Cement. It also sold its stake in the Bokaro cement unit to Dalmia Cement for and the Panipat-based grinding unit to Shree Cement. Bankers said in the next round, the entire cement capacity would be sold. Two private equity firms and a strategic partner are said to be in the race for the assets.