Jaypee Group close to sell Gujarat cement units to Aditya Birla Group: Report

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Jaypee to sell Gujarat cement units to Aditya Birla Group
The talks between Jaypee Group and Aditya Birla Group for sale of former's Gujarat based cement units have finally moved to last stage, said a media report adding that valuations of the deal have continued to put hurdles in way of deal.

Reports said that Birlas have been negotiating for the price of Jaypee's Gujarat cement units and if the deal happens, then they may end up paying around USD 800 million. It said that Birlas have offered USD 160 per tonne of capacity to be purchased from Jaypee Group, which is much lower than USD 200 price paid during deal between Holcim and ACC.

The report said that Manoj Gaur, executive chairman & CEO of Jaiprakash Associates confirmed the plans to sell cement units in Gujarat.

The deal would help Jaypee retire its consolidated debt worth over Rs 50,000 crore.

Story first published: Saturday, December 8, 2012, 9:30 [IST]
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