Jaiprakash reportedly receives four bids for cement business

Jaiprakash reportedly receives four bids for cement business
Published: 27 January 2016


Jaypee group-promoted Jaiprakash Associates has received four bids for the 20Mta of cement capacity that it has put up for sale to reduce its debt burden.

A report in the Business Standard of India said the bidders include global private equity firm KKR, and domestic players UltraTech and Dalmia Bharat Cement.

Units reported to be up for sale included the 2.2Mta Bhilai cement plant joint venture between Jaiprakash Associates (74 per cent) and Steel Authority of India Ltd (24 per cent) – for which separate bids have been invited. In addition, its 3Mta plant in Andhra Cement held by another group firm Jaypee Development Corp has been put on the block through a separate bid.

The 5Mta plant in Madhya Pradesh that Jaiprakash sold to UltraTech in December 2014 is still pending completion on the transfer of mining rights.