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News HeidelbergCement to buy Jaiprakash Associates’ cement plant

HeidelbergCement to buy Jaiprakash Associates’ cement plant

Written by Global Cement staff 24 June 2015
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India: According to the Financial Express, Jaiprakash Associates is close to selling its 1Mt/yr capacity cement plant at Sikandarabad, Uttar Pradesh to HeidelbergCement for around US$78.6m.

If the deal materialises, it would be the fifth cement asset sale by Jaiprakash Associates in little over a year. The group is looking to sell assets, including cement and power plants, to reduce its large debt. The aggregate debt of the group at the end of the 2014 financial year, which ended on 31 March 2014, stood at around US$8.65bn. Though it has so far divested assets worth US$2.36bn, the impact of the asset sales is yet to reflect on the group's balance sheet. It aims to cut down debt further by around US$1.57bn by the end of the current 2016 fiscal year, which ends on 31 March 2016. So far, Jaiprakash Associates has divested around 13Mt/yr of its overall cement capacity and is left with around 23Mt/yr.

Unnamed sources have said that Jaiprakash Associates also plans to sell two more of its cement plants, in Baga and Bagheri in Himachal Pradesh and Balaji in Andhra Pradesh, but the matter is stuck due to valuation issues. Aditya Birla Group's UltraTech Cement and HeidelbergCement have reportedly been in talks regarding their acquisition.

Last modified on 24 June 2015
Published in Global Cement News
Tagged under
  • India
  • Jaiprakash Associates
  • HeidelbergCement
  • Sale
  • Acquisition
  • Plant
  • GCW206

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