Jaypee Power board meet over divestment of a cement grinding unit

Jaypee Power Ventures, a Jaypee group company, is holding a board meeting on Monday to consider a proposal to divest its Nigrie cement milling plant in Madhya Pradesh.

In a regulatory filing, Jaypee Power Ventures advised that a board meeting has been convened to "notify the board of directors of the recommendations of the audit committee to consider the proposal to divest Jaypee Nigrie's cement grinding unit."

Separately, Jaiprakash Associates, the flagship of the Jaypee Group, has communicated that a board meeting has been convened on Monday to update the board of directors on the recommendations of the audit committee and the progress of the various divestment initiatives.

Jaiprakash Associates (JAL) currently has a total capacity of approximately 6 million tonnes per annum (MTPA) and Jaiprakash Power Ventures has approximately 4 MTPA.

In October, Jaiprakash Associates and Jaiprakash Power Ventures had announced plans to divest their cement business and some non-core assets to reduce debt.

Sources had said in October that the Adani group was in talks to buy the cement business of the debt-laden Jaypee Group for around Rs 50 billion as the conglomerate looks to consolidate its presence in the cement sector.

The ports to energy conglomerate has entered the cement sector with the acquisition of Ambuja Cements and ACC Ltd to become the second largest cement producer in the country with an annual production capacity of 67.5 million tonnes.

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