HeidelbergCement has sought to clarify a report by the Financial Express (India) which stated that the cement producer is in advanced talks to purchase Jaiprakash's Sikandarabad unit in Uttar Pradesh.

"In this connection, kindly note that there are no such proposals at the moment and the company maintains high standards of corporate governance by keeping a principle of not reacting to rumours or speculations," HeidelbergCement said in a statement to the Bombay Stock Exchange.

"We remain committed to compliance with clause 36 of the listing agreement and shall make appropriate disclosures and announcements, which may have a material bearing on the performance / operations of the company if and when any such disclosable event occurs," the company added.