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Jaiprakash Associates to sell one of its cement units
Jun, 11 2012
(India) -- Jaiprakash Associates, the developer of India's only Formula One track, is in talks to sell one of its cement units to Birla promoted UltraTech Cement.
The company is seeking a valuation of about INR40bn for the division. With this sale, the company plans to cut its debt.
Jaiprakash Cement’s current debt stands at INR21, 500 crore, while it has a market cap of INR14, 500 crore.
In a filing to exchanges in November the company said it is planning to separate its cement plants in Gujarat and Andhra Pradesh.
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