Adani Group in talks to buy Jaiprakash Power’s cement

 Adani Group in talks to buy Jaiprakash Power's cement unit for 5,000 crore .

Billionaire Gautam Adani- controlled Adani Group is in advanced addresses with debt- laden Jaiprakash Power gamblesLtd. to buy its cement unit, people familiar with the matter said.The anchorages- to- power empire could pay about 50 billion rupees($ 606 million) for a cement grinding unit and other lower means, one of the people said, asking not to be linked as the information is private.

The accession will be made by one of the cement units lately acquired by Asia’s richest person, the people said, adding an advertisement was anticipated as early as this week. While conversations are advanced, they could still be delayed or fall piecemeal, the people said. Indian news channel ET NOW reported the deal before without telling a value.

The deal will help consolidate the Adani Group’s unforeseen dominance in the cement sector, which started after it bought Ambuja CementsLtd. and ACCLtd. in May from Switzerland’s HolcimLtd., getting India’s alternate- largest cement maker nearly overnight with an installed product capacity of67.5 million tons annually.Adani Group representatives declined to note. Jaiprakash Associates representatives weren’t incontinently available for a comment.

The cement grinding installation has a capacity of 2 million tons a time It began operating in October, 2014, in Nigrie in the central Indian state of Madhya Pradesh.

The board of Jaiprakash Associates has decided to divest the company’s “ significant” cement business to help lower debt, according to stock exchange form Monday. Independently, Jaiprakash Power Ventures said its board is looking to vend Nigrie cement grinding unit as well as othernon-core means, with naming any prospective buyers.Adani Group said last month it’s looking to expand its cement- timber capacity to 140 million tons in five times and plans to fit 200 billion rupees in its recently acquired cement business

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