Economy & Market

Aditya Birla wants to buy Jaypee's cement biz

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Aditya Birla Group has expressed its interest to buy Jaypee Cement Corporation’s five million tonne per annum (mtpa) Gujarat facility and a deal is likely to happen in 10-15 days.While Aditya Birla Group is keen on buying Jaypee Cement’s Gujarat plant, the latter wants the Mumbai-based conglomerate take up to 49 per cent stake in the entire firm, which also has a 4.8 mtpa cement making facility in Andhra Pradesh.A source said that talks are on at advanced stages and the deal is likely to happen in the next 10-15 days. However, it has to be seen whether the deal is confined only to the Gujarat facility or spreads to Andhra Pradesh as well.The Jaypee Group, having interests in areas such as real estate, cement and hospitality, is the country’s third largest cement maker with an installed capacity of 33.5 mtpa.Jaiprakash Associates, the flagship company of the Group, holds the majority of the cement business. However, operations in Gujarat and Andhra Pradesh, having a total capacity of 9.8 mtpa, are under the aegis of Jaypee Cement, which was recently hived off for monetising the asset.

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