Jun 24, 2013, 01.39 PM IST
Jaypee Cement, a part of Jaiprakash Associates has shelved plans to sell its Gujarat unit as it did not get the right valuation, suggest media reports.
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JP Associates down 8% on shelving cement unit sale plan
Jaypee Cement, a part of Jaiprakash Associates has shelved plans to sell its Gujarat unit as it did not get the right valuation, suggest media reports.
Like this story, share it with millions of investors on M3
JP Associates down 8% on shelving cement unit sale plan
Jaypee Cement, a part of Jaiprakash Associates has shelved plans to sell its Gujarat unit as it did not get the right valuation, suggest media reports.
Jaypee Cement was looking to sell its 4.8 metric tone cement plant and the valuation of the deal was estimated at over Rs 4000 crore.
Simultaneously, its subsidiaries-Jaiprakash Power Ventures and Jaypee Infratech also tanked 15 percent and 6 percent following this news.
The cement plant sale was aimed at reducing the firm's debt pile. Also, the deal was likely to be carried out at USD 150 a tonne. It is also learnt that the company was in talks with the Birla Group/s cement subsidiary for the transaction.
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