Jaiprakash Associates convenes divestment meeting

Jaiprakash Associates (Jaypee Group) has informed that a board meeting has been convened to apprise the board of the recommendations of the audit committee and the progress on the various divestment initiatives.

Jaypee Power Ventures (Jaypee Group) will hold a board meeting on Monday, 12 December to consider a proposal to divest its Nigrie cement grinding plant in Madhya Pradesh.

In a regulatory filing, Jaypee Power Ventures informed that a board meeting has been convened on Monday to "apprise the board of the recommendations of the Audit Committee to consider the proposal of divestment of Jaypee Nigrie cement grinding unit."

Jaiprakash Associates Ltd (JAL) presently has an aggregate capacity of around 6Mta and Jaiprakash Power Ventures Ltd has around 4Mta.

In October Jaiprakash Associates and Jaiprakash Power Ventures announced plans to divest their cement business as well as some non-core assets to reduce debt. 

Outlook India reports that in October, sources had said that Adani group was in talks to buy the cement businesses of debt-laden Jaypee Group for about INR50,000m (US$606.3m) as the conglomerate seeks to consolidate its presence in the cement sector.