HeidelbergCement may pick up JP cement plant

HeidlebergCement is reported to be looking at buying the Sikandarabad plant belonging to Jaiprakash Associates. The latter company has been divesting assets as a debt-reducing exercise; this plant would be the fifth to be sold in just over a year. The 1 million tpy unit is located in Uttar Pradesh and the value attached to it is said to be Rs.500 crore.

Jaiprakash Associates is also said to be selling two more cement plants, which UltraTech Cement and Heidleberg have reportedly expressed an interest in. The company has so far divested some Rs.15 000 of assets (13 million t of capacity) and plans to divest a further Rs.10 000 by the end of the year.

Edited from various sources by Katherine Guenioui

Sources:

• Money Control
• IIFL
• Financial Express

Read the article online at: https://www.worldcement.com/asia-pacific-rim/22062015/heidelbergcement-may-pick-up-jp-cement-plant-46/