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Jaiprakash to sell two more cement plants

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World Cement,

Having sold its Gujarat plant earlier this month, Jaiprakash is to sell two more cement plants and is in advanced negotiations over the sale of two of its power plants. The Baga Balag plant and Bagheri grinding unit – each 2 million tpa, both in the Solan district, Himachal Pradesh – are reportedly up for sale, though Jaiprakash is keeping quiet on the details. “Our group chairman Manoj Gaur has made it publically known that the group is trying to reduce its debt by Rs 15,000 crore this fiscal,” spokesperson Askari Zaidi told press. “An underlying asset that fetches a good deal could be under consideration for meeting the fiscals’ debt reduction target.”

The press are reporting that the company has already opened dialogues with potential buyers, who are perhaps seeking to expand their footprint in the region. Jaiprakash has a nationwide capacity of 27.8 million tpa of cement. The company is seeking to reduce the debt built up as it expanded its operations.

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