Jaypee to pare debt by selling few power, cement assets: Media Report

In a bid to cut short its debt, the diversified business conglomerate, Jaypee Group is likely to sell some of its power and cement assets, said the media report. According to the reports by brokerage Credit Suisse, the gross debt of Jaypee Group as on March 31, 2013 stood around Rs 64,000 crore.

In order to pare the aforesaid debt, the company is expected to sell equity in two of its hydro power projects and is in discussion with some players. According to reports, Abu Dhabi Water & Electric Authority (ADWEA) is likely to acquire two hydro-power projects in Himachal Pradesh from the company.

Moreover, the company may also sell 31 per cent of its equity in the Gujarat cement plant, that can be acquired by Aditya Birla Group's flagship Ultratech Cement which is at an advanced stage of negotiation with Jaypee.

Dion Global Solutions Ltd.

Story first published: Tuesday, September 10, 2013, 9:10 [IST]
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