Credit rating agency, CARE has withdrawn the rating assigned to the 9% Long-term NCD II issue of Jaiprakash Associates as the company has fully repaid the said issue and no amount is outstanding.
Jaiprakash Associates, in last year, divested its cement units in Gujarat and Andhra Pradesh into a separate company, Jaypee Cement, in order to monetize a part of its investments to help the parent company reduce its debt. Jaypee group’s cement division currently operates modern, computerized process control cement plants with an aggregate capacity of 21.3 MTPA.
