Adani Group Said To Be In Talks For Jaiprakash Cement Unit!

The Adani group is in talks to acquire Jaiprakash Associates’ cement business for Rs 4,000 crore ($606 million), two people familiar with the development said. The deal, if successful, will give the Ahmedabad-based conglomerate a strong foothold in north India where it has been looking to expand its presence. It will also help Adani cut its dependence on imported coal for power generation.

“The two sides are in advanced stages of discussions and are expected to sign a definitive agreement soon,” one of the persons said on condition of anonymity as he is not authorized to speak to the media. The other person confirmed the development but declined to be identified.

In a move that would further consolidate India’s cement industry, the Adani group is in talks to acquire Jaiprakash Associates’ Jaypee Cement unit for $606 million (about Rs. 3,700 crore).If the deal goes through, it will be the largest acquisition in India’s cement sector and will help Adani cement its position as one of the top three players in the country.

The other two big players are UltraTech Cement and ACC Limited. The Adani group is said to be in advanced discussions with Jaiprakash Associates and an announcement could come as early as next week, people familiar with the matter told ET NOW on condition of anonymity.