Jaiprakash Associates has inked an agreement to sell its 74 per cent stake in a cement manufacturing unit in Bokaro to Dalmia Cement (Bharat) for around Rs 1,150 crore. It will help the company to cut the Rs 60,000 crore debts on its books. The company is planning to trim the debt by Rs 15,000 crore by March end.
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.