Positive outcome on cement biz sale seen soon: JP Asso

Jaiprakash Associates , which has been deliberating sale of its Gujarat cement business for more than five month to pare its debts, may soon announce a positive outcome, Manoj Gaur, Executive Chairman, Jaiprakash Associates told CNBC-TV18 today.

"We are in active discussion and I hope that the distance that we have covered, positive outcome will come soon," Gaur said. Earlier CNBC-TV18 had reported that the company was in talks with Ultratech to sell its Gujarat plant at a valuation of USD 160-170 per tonne.

However, the company was unable to take things forward with Ultratech after the initial talks. Gaur also stressed that the company was on track to reduce its debt substantially after several of its recent debt refinancing initiatives. The company also hopes to cut debt in subsidiary Jaypee Infratech by Rs 2000 crore to Rs 4800 crore by 2013-14 end.

The company had to defer the offer for sale, of Jaypee Infratech due to a sudden fall in its stock price. Gaur said that the company will soon be doing OFS for infrastructure subsidiary. The proceeds from the stake sale will also help JP Associates to further pare its debt.

Below is the verbatim transcript of the interview

Q: The market would be interested to know what is happening with cement stake sale and whether that is still on track and you are in discussions with some of the parties that were being talked about?

A: Many times I have been asked this question, let me again reiterate that as an organisation we stand committed to enhance our shareholder value and debt reduction is one of the important items, which we have planned. It has been in public domain that we have been in active discussion for sale of our cement asset in Gujarat. I will not like to comment on whether there is this difficulty or that difficult but yes we are in active discussion and I hope that the distance that we have covered, positive outcome will come soon.

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