Adani Group set to buy Jaypee cement plant
Billionaire Gautam Adani-controlled Adani Group is in advanced talks with debt-laden Jaiprakash Power Ventures Ltd to buy its cement unit. A deal is likely to be struck at Rs 5,000 crore.
The ports-to-power conglomerate could pay about Rs 50 billion ($606 million) for a cement grinding unit and other smaller assets, a Bloomberg report said on Monday.
The acquisition will be made by one of the cement units recently acquired by Asia’s richest person, the report said, adding an announcement was expected as early as this week.
