India: Jaiprakash to sell Jaypee Bhilai plant stake to Shree Cement

Bymc2008

Updated Thu, 07 Jan 2016 20:47:18 GMT

India: In an attempt to service its US$5.99bn debt, Jaiprakash Associates has signed an agreement with Shree Cement to divest its stake in the 2.1Mt/yr Bhilai Jaypee Cement plant for an enterprise value of US$314 – 329m. Jaiprakash Associates is finding it difficult to service its debt due to various reasons, including a slowdown in the economy and some of its projects falling on the revenue front.