Two private equity firms and a strategic partner are reportedly submitting bids for cement operations under Jaiprakash Associates, the flagship company of India's Jaypee Group, for an enterprise valuation approaching INR 195 billion (US$2.93 billion).
A source told Business Standard, India's leading business site for Live Markets, that the sale would be completed by March 2015. Jaiprakash is said to be seeking to pare down its INR 612.85 billion ($9.16 billion) debt - as of 2014/15 - and has already sold 13.3 million tonnes of cement capacity for the purpose. The company's current cement capacity is 31.65 million tonnes. ICICI Securities is managing the sale.
