Jaiprakash continues cement divestments
22 September 2014
Indian conglomerate Jaiprakash Associates (Jaypee) has agreed to sell a 1.5 million tonnes per year cement grinding plant in Panipat to Shree Cement. The deal, worth INR 360 Crore (US$ 60 million) is the latest in a series of divestments in the cement sector by Jaiprakash.
It’s biggest sale in this area was announced a year ago, when it agreed to sell a facility in Gujarat state comprising a 2.4 million tonnes per year cement plant in Kutch and a 2.4 million tonnes per year grinding plant in Wanakbori, to UltraTech for INR 3,800 crores (US$ 625 million). The deal reached a financial close in June this year.
Jaypee has also agreed to sell its 74% stake in Bokaro Jaypee Cement Limited, a cement joint venture with the steel Authority of India to Dalmia Cement for INR 6.9 billion (US$ 115 million). That deal was announced in March this year.