Adani eyes Jaypee Group’s cement biz for Rs 5,000 cr

Bengaluru, October 10

Adani Group is in advanced talks to buy debt-laden Jaiprakash Associates Ltd’s (Jaypee Group’s) cement business for $606 million (Rs 5,000 crore), Bloomberg News reported on Monday, citing sources.

In advanced talks

• The acquisition will be made by one of Adani Group’s recently acquired cement units
• Adani recently acquired Holcim AG’s cement businesses in India — Ambuja Cements and ACC

Separately, Jaiprakash Associates said its Board had approved the divestiture of the company’s cement business, but did not reveal the name of the potential buyer or the price.

The acquisition will be made by one of Adani Group’s recently acquired cement units, with an announcement expected as early as this week, Bloomberg reported, adding the talks could still be delayed or fall apart. Adani Group did not immediately respond to a request for comment.

The Adani Group ventured into cement-making operations earlier this year with its $10.5-billion acquisition of Holcim AG’s cement businesses in India — Ambuja Cements Ltd and ACC.

The Group, led by Asia’s richest man Gautam Adani, is looking beyond to expand its presence in power generation and infrastructure. — Reuters