India Cements in talks to sell Madhya Pradesh project

India Cements is reportedly in talks with a number of companies over the sale of its project in Madhya Pradesh. India Cements had planned to set up a 3Mta integrated cement plant on the site but is now looking to sell the site to reduce its long-term debt, reports The Hindu.

The project with its limestone mine is valued at around INR8000m (US$97.8m). Among the companies vying for the project are UltraTech Cement, JSW Cement, Birla Group and Adani Group.

May 2022 saw India Cements report net debt of INR30,390m, up 1.4 per cent YoY, prompting suggestions it was open to selling some of its land to reduce the debt.