‘Jaypee to sell stake in cement unit’

The stake sale is part of fundraising to reduce the group's debt.

Jaypee Group,the $3 billion engineering and construction conglomerate,is in talks to sell a stake in its cement unit Jaiprakash Associates,according to a newspaper report.

Jaypee has approached a number of investors including Singapore state investor Temasek Holdings regarding a stake in Jaiprakash,India’s fourth-largest cement company by sales,group managing director Manoj Gaur was quoted as saying.

The stake sale is part of fundraising to reduce the group’s debt,which stands at around $8 billion,the report said.

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A spokesman for Jaiprakash,which has production capacity of 26.20 million tonnes,could not be reached for comment.

Cement firms in India,the world’s second-largest producer after China,have seen reduced demand in recent quarters on excess supply and a slump in construction due to high interest rates and slowing economic growth.

Switzerland’s Holcim owns a 46 percent stake in ACC and Ambuja Cements India’s second and third-largest cement firms.

Jaiprakash,ACC,Ambuja and industry leader Ultratech control around 50 percent of India’s cement market.

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