Jaiprakash Associates (JPA), the Jaypee Group flagship, plans to dilute up to 26 per cent stake in its cement business, the third largest in the country. Jaypee hired a few investment bankers to advise on any strategic stake sale. Preliminary talks have already begun with large South America conglomerates such as Cemex and Votorantim Group, who have a global presence but are also looking at a bigger India play. A deal, if any, may still take some time to fructify. Jaypee Cement, with a current capacity of 23 mtpa, has been scaling up rapidly from being a 9 mtpa player in 2007-08. It is targeting 35.9 mtpa by 2011-12.