Bidders emerge for Jaiprakash Associates

CRH and Dalmia Cement are likely to submit separate bids next month for the cement business of Jaiprakash Associates, according to a Reuters report.

The deal is likely to be worth about US$3 billion, which is the total debt linked to the cement business.

Others possible bidders include the Indian unit of Germany's HeidelbergCement, India's top cement maker Ultratech Cement Ltd and two private equity firms.

Dalmia, which is among the top five cement manufacturers in India, met with Jaiprakash management recently and visited the company's plants in Madhya Pradesh.

The divestment of the cement business by Jaiprakash is part of a strategy to reduce a debt burden that has been weighing on its balance sheet in the last few years.

Edited from source by Joseph Green. Source: Reuters

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