India s Jaiprakash Associates is to sell its cement plant in Gujarat state to UltraTech Cement in a deal worth around $594m (INR:38bn) including debt.
The companies told Bahrain's Gulf Daily News that UltraTech, India s largest cement maker by production capacity, will issue shares worth up to $23.5m (INR 1.5bn) to Jaiprakash and assume debts of about $573.2m (INR:36.5m).
Jaiprakash and its subsidiaries have total debts of $8.6bn (INR:550bn) to $8.8bn (INR: 560bn), which it plans to cut by $2.4bn (INR:150bn) by selling more assets including cement and power businesses this fiscal year ending next March, executive chairman Manoj Gaur said.
"Now we are focused on debt reduction across all businesses," Gaur said.
Source:
http://www.uaecement.com/newsDetail.aspx?id=960
