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Jaypee Group to reduce debt by entering JV?

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World Cement,

Speculation in the media suggests that the indebted Jaypee Group is in talks with cement companies including HeidelbergCement and JSW Cement regarding the possibility of a joint venture for the majority of the group’s existing cement plants. Jaypee has approximately 23 million t of cement capacity remaining, having divested 13 million t in a bid to reduce debt. Its units are spread across Uttar Pradesh, Uttarakhand, Andhra Pradesh, Himachal and Chhattisgarh. According to reports, the Rewa plant is likely to be excluded from the deal, though the 3 million t Karnataka plant currently under construction would be included.

In a statement to the stock exchange, HeidelbergCement said: "we have high standards of corporate governance and have always kept a principle of not reacting to market speculation or rumours. We stand committed to compliance with clause 36 of the listing agreement and shall make appropriate disclosures and announcements, if and when any such disclosable event occurs".

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