In a bid to serve its Rs 40,000-crore debt, Jaiprakash Associates has reportedly entered into agreement with Shree Cement to sell stake in the 2.1-million tonne Bhilai Jaypee Cement (BJCL) for an enterprise value of Rs 2,100-2,200 crore.
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.