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News Roundup: Jaypee Cement shelves plan to sell Gujarat unit

21 June, 2013

Jaypee Cement, a part of Jaiprakash Associates Ltd, has shelved the plan to sell its Gujarat unit as it did not get the “right” price. Aditya Birla Group-promoted UltraTech Cement was reportedly in talks to buy the company’s 4.8 mt cement plant in Gujarat and the valuation of the deal was estimated at around Rs 4,000 crore ($998 million). (Business Line)

Adani plans to launch $2-billion dollar bonds: The Adani Group is looking at the option of raising close to $2 billion by way of dollar bonds, to swap the earlier loan taken from banks to acquire Australian assets. The bonds will be launched in the next two months and the company would soon appoint bankers for the issue. The promoter family has taken over the Australian assets from the listed company, Adani Port & SEZ Ltd, to reduce the debt burden on the listed entity. The Adani Group purchased coal assets and a major port in Australia in 2010 as part of a mining, rail and port development project. This awaits environmental clearances from local authorities. Apart from Australia, the company plan to invest $15 bn in various infrastructure projects in India and abroad. (Business Standard)

Courtesy: VCCEdge


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News Roundup: Jaypee Cement shelves plan to sell Gujarat unit

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