Jaiprakash Power Ventures to enter cement business, India

Jaiprakash Power Ventures Ltd has planned to raise up to INR3500 crore to fund its expansion projects and is also entering the cement sector.

Its board of directors has authorised raising of funds/resources through various domestic / international options. The funds are to meet the company’s ongoing projects and/or the projects of its joint venture and subsidiary companies as also issuance of further equity shares under institutional placement programme.

The company has also decided to enter the cement business by setting up cement grinding units at Nigrie and Bina to optimally utilise fly ash to be generated by its thermal power plants situated in those locations, the company said in a statement.