Sagar Cements leads race for Jaypee's ailing Andhra Cements

13 Jul 2022 CW Team

Sagar Cements is the frontrunner to acquire Andhra Cements, a Jaypee Group company undergoing insolvency proceedings, according to an Economic Times report citing unnamed sources.

Andhra Cements' lenders have received expressions of interest from Sagar Cements, B C Jindal's Jindal Poly Films, Dalmia Cement (Bharat) Ltd and Khandwala Finstock Pvt Ltd, according to a stock exchange disclosure.

Hyderabad-based asset reconstruction company Pridhvi Asset Reconstruction and Securitisation Company (Paras) has an 86% share of verified debt in Andhra Cements, while Union Bank of India and State Bank of India have about 11% and 3% respectively. Through this bankruptcy resolution, lenders hope to recover about 40-45% of their claims.

Since Andhra Cements is listed, Sagar Cements would first be required to make an open offer to the public immediately after buying 25% of the equity. Second, it would be liable to pay the entire government and trade creditors' dues.

Having acquired most of the debt, Paras could control all the resolutions passed by the committee of creditors. Under insolvency proceedings, a critical resolution can be passed only if 66% of the creditors, by the value of debt, vote in favour of the resolution.

According to its latest annual report, Sagar Cements had a production capacity of 8.25 metric tonne per annum (mtpa) at the end of March 2022.

Also Read:
Cement firms to see 21% slump in Q1 Ebitda/tonne: Jefferies
J K Lakshmi launches new brand in central and eastern UP

Infrastructure Urban

16 Oct 2025

Shivraj Singh Chouhan inaugurates ICAR-IIMR admin block in Ludhiana

Union Agriculture Minister Shri Shivraj Singh Chouhan recently inaugurated the administrative building at the Indian Council of Agricultural Research – Indian Institute of Maize Research (ICAR-IIMR) in Ludhiana, Punjab. During the visit, he interacted with maize stakeholders, farmers, rural development scheme beneficiaries, and women self-help group (SHG) members. He said that under the leadership of Prime Minister Narendra Modi, the government’s key goals include boosting foodgrain production, reducing input costs, and improving farmers’ incomes. He highlighted the importance of div..

Google to Build Rs 10,000 Cr Data Centre in Visakhapatnam

In a major boost to India’s digital infrastructure, Google will establish a 1-GW hyperscale data centre and Artificial Intelligence (AI) hub in Visakhapatnam, Andhra Pradesh. The project, valued at Rs 100 billion, is expected to significantly contribute to the state’s economy and create more than 20,000 direct and indirect employment opportunities. Union Minister of State for External Affairs and Education, Dr Pemmasani Chandrasekhar, highlighted that this landmark investment by Google will help position Andhra Pradesh as a prominent digital hub under the “Swarandhra Pradesh” vision. ..

TCIL honoured with HR Excellence Award 2025

Telecommunications Consultants India Limited (TCIL), a Miniratna Schedule ‘A’ PSU under the Department of Telecommunications, has been honoured with the HR Excellence Award at the Fortune Leadership Awards 2025, held at Radisson Blu Plaza, Delhi. The accolade acknowledges TCIL’s outstanding HR practices promoting employee development, innovation, and inclusivity. The award was presented by Dr. Dinesh Upadhyay, Former Member, Ministry of AYUSH, and Shri M. S. Nethrapal, IRS, and received by Shri P. Suresh Babu, CGM (HR), in the presence of distinguished leaders from various sectors. Bet..