After ACC and Ambuja, Adani Group is preparing to buy another cement company
Asia’s richest man Gautam Adani may buy another cement company after ACC and Ambuja. Now news is coming that after Ambuja and ACC, Adani is in talks to buy its cement unit from debt-laden Jaiprakash Power Ventures Ltd. Negotiations have also started between the two companies. However, there is no official statement on this whole issue.
Jaiprakash’s cement unit will buy for Rs 5 thousand crore
The source said that the Adani Group, which has spread its business from port to power, is looking to buy a cement grinding unit and other small assets. It is being told that Adani Group can buy Jaiprakash Cement Unit for about 50 billion i.e. about 5 thousand crore rupees.
Jaiprakash Limited The cement grinding facility of Jaiprakash Power Ventures Limited has a capacity of 2 mtpa. This company started functioning from October 2014 at Nigri, Madhya Pradesh. The board of Jaiprakash Associates has decided to sell its key cement business to reduce the company’s debt. This information has been received from a filing of the company on the stock exchange on Monday. Simultaneously, Jaiprakash Power Ventures had said that its board is looking to sell the Nigri Cement grinding unit along with other non-core assets.
Adani to invest Rs 20,000 crore in cement business
Adani Group, on the other hand, said last month that it plans to increase its cement manufacturing capacity to 140 mtpa in five years. For this, the group is also planning to invest 200 billion or 20 thousand crore rupees in its newly acquired cement business.
Ambuja-ACC acquired for $6.5 billion
The deal with Jaiprakash Cement Unit will help in further strengthening the Adani Group in the cement sector. Earlier, on September 16, Adani had completed the acquisition of Ambuja and ACC. Adani Group had taken over Ambuja and ACC Cement for $ 6.5 billion i.e. 51.79 thousand crores. PLC/GT
