Jaiprakash Associates has received an approval for sale of company’s 1.5 MTPA Cement Grinding Unit situated at Panipat, Haryana for a tentative consideration of around Rs 360 crore. The board of directors at its meeting held on August 25, 2014 have approved for the same.
The above is however subject to adjustments for net working capital and financial indebtedness taken over, as of the closing date of the transaction.
Jaypee Group is the country’s third largest cement maker. Swiss major Holcim owns majority stake in both ACC and Ambuja Cement with a combined capacity of around 52 mtpa in India.