According to those with knowledge of the situation, the Adani Group, which is owned by billionaire Gautam Adani, is in advanced talks to purchase the cement division of Jaiprakash Power Ventures Ltd.
A cement grinding plant and other minor assets could be purchased by the ports-to-power company for roughly 50 billion rupees ($606 million), according to one of the sources, who asked not to be named because the information is confidential.
The purchase will be made by one of the cement businesses that Asia's richest person recently acquired, according to the sources, who also stated that an announcement was anticipated as soon as this week. Although the conversations are far along, they might still be postponed or fail, according to the sources. The deal was previously reported by the Indian news outlet ET NOW without a price tag.
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The agreement will aid in the consolidation of the Adani Group's sudden dominance in the cement industry, which began after it acquired Ambuja Cements Ltd. and ACC Ltd. from Holcim Ltd. of Switzerland in May, transforming it into India's second-largest cement producer almost overnight with an installed production capacity of 67.5 million tonnes annually. Representatives of the Adani Group chose not to comment. Representatives of Jaiprakash Associates were unavailable for comment at the time of writing.
The factory can grind 2 million tonnes of cement annually. It started running in Nigrie, in the Madhya Pradesh state of central India, in October 2014.
According to a stock exchange filing made on Monday, the board of Jaiprakash Associates has chosen to sell the business' "major" cement operations in order to reduce debt. Jaiprakash Power Ventures announced separately that its board is exploring to sell the Nigrie cement grinding facility as well as other non-core assets, without mentioning any potential purchasers. Last month, Adani Group announced intentions to invest 200 billion rupees in its recently acquired cement industry and increase its ability to produce 140 million tonnes of cement over the course of five years.
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