Adani group is in discussions to obtain Jaiprakash Associates which started after it bought Ambuja Cements Ltd. and ACC Ltd.
The contract will strengthen the Adani Group’s sudden dominance in the cement sector, which started after it bought Ambuja Cements Ltd. and ACC Ltd. In May from Switzerland’s Holcim Ltd, came to be India’s second-largest cement producer practically overnight with an installed output capability of 67.5 million tons yearly.
The board of Jaiprakash Associates has decided to compel the company’s “significant” cement business to assist shorter debt, according to a stock exchange filing Monday. Separately, Jaiprakash Power Ventures said its board is looking to sell the Nigrie cement mashing unit as well as other non-core aids, without appointing any forthcoming buyers.
Adani Group said, “last month it’s looking to expand its cement-making capacity to 140 million tons in five years and plans to inject 200 billion rupees in its newly acquired cement business”.
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