Jaypee Power board meet over divestment of a cement grinding unit

13 Dec 2022 CW Team

Jaypee group firm Jaypee Power Ventures will hold a board meeting on Monday to consider a proposal to divest its Nigrie cement grinding plant in Madhya Pradesh.

In a regulatory filing, Jaypee Power Ventures informed that a board meeting has been convened to "apprise the board of the recommendations of the Audit Committee to consider the proposal of divestment of Jaypee Nigrie cement Grinding unit."

Separately, Jaypee Group flagship firm Jaiprakash Associates informed that a board meeting has been convened on Monday to apprise the board of the recommendations of the audit committee and the progress on the various divestment initiatives.

Jaiprakash Associates (JAL) presently has an aggregate capacity of around 6 million tonnes per annum (MTPA) and Jaiprakash Power Ventures has around 4 MTPA.

In October, Jaiprakash Associates and Jaiprakash Power Ventures had announced plans to divest their cement business as well as some non-core assets to reduce debt.

Sources had said in October that Adani group was in talks to buy the cement businesses of debt-laden Jaypee Group for about Rs 50 billion as the conglomerate seeks to consolidate its presence in the cement sector.

The ports-to-energy conglomerate has forayed into the cement sector with the acquisition of Ambuja Cements and ACC Ltd to become the nation's second-largest cement maker with annual production capacity of 67.5 million tonnes.

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