CRH and Dalmia expected to bid for Jaiprakash assets

CRH and India's Dalmia Cement are likely to submit separate bids next month for the cement business of Indian infrastructure builder Jaiprakash Associates, two sources with direct knowledge told Reuters.

The deal is likely to be worth about US$3bn, which is the total debt linked to the cement business, the sources said, adding that binding bids were due next month. Others possible bidders include the Indian unit of HeidelbergCement, Ultratech Cement Ltd and two private equity firms, one of the sources added.

The divestment of the cement business by Jaiprakash is part of a strategy to reduce a debt burden.