Jaypee Group to sell its cement business

According to media reports Jaypee Group is planning to sell its cement business to tide over debts amounting to Rs. 61,285 crore.

According to media reports Jaypee Group is planning to sell its cement business to tide over debts amounting to Rs. 61,285 crore. This is the second cement company on the block after Reliance Cement.

Jaypee Group is the third largest cement producer in the country. Its cement facilities are located in the Satna Cluster (M.P.), which has one of the highest cement production growth rates in India. The group produces special blend of Portland Pozzolana Cement under the brand name ‘Jaypee Cement’ (PPC).

Last year, Ultratech Cement acquired cement units of Jaiprakash Associates in Madhya Pradesh for Rs. 5,400 crore and in June  Ultratech Cement purchased  Jaiprakash Associates’ two cement units in Gujarat for Rs. 3,800 crore. Dalmia Cement (Bharat) in joint venture with SAIL bought 74% stake in  Jaiprakash Associates’ Bokaro Cement unit for Rs. 690 crore, while Shree Cement acquired Jaiprakash Associates' Panipat cement unit for Rs. 358 crore.