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Adani Group in advanced talks with Jaiprakash cement unit

Billionaire Gautam Adani announced that Adani Group is in advanced talks with debt-laden Jaiprakash Power Ventures Ltd to purchase its cement unit worth $606 million. The ports-to-power conglomerate could pay the hefty amount for a cement grinding unit and other smaller assets. 

One of the cement units was acquired by Asia’s richest person and an announcement is likely to be out this week. Without revealing a value, Indian news channel ET NOW reported the deal earlier. The deal will help consolidate the Adani Group’s unexpected dominance in the cement sector, which started after it bought Ambuja Cements Ltd and ACC Ltd in May from Switzerland’s Holcim Ltd, becoming the second largest cement maker in India with an existing production capacity of 67.5 million tons per year.

The cement grinding facility has a capacity of 2 million tons a year. It began operating in October 2014 in Nigrie in the Central Indian state of Madhya Pradesh.To help lower debt, the board of Jaiprakash Associates has committed to divest the firm’s significant cement business. It is claimed by Jaiprakash Power Ventures that its board is in plans to sell Nigrie cement grinding unit and other non-core assets.

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