Jaypee Power board meet on Monday over divestment of cement grinding unit


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 on Monday to “apprise the board of the recommendations of the Audit Committee to consider the proposal of divestment of Jaypee Nigrie cement Grinding unit.”

Separately, 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 Ltd (JAL) presently has an aggregate capacity of around 6 million tonnes per annum (MTPA) and Jaiprakash Power Ventures Ltd 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 for about Rs 5,000 crore as the conglomerate seeks to consolidate its presence in the .

The ports-to-energy conglomerate has forayed into the 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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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