Jaypee Group may hive off Panipat cement unit
The Manoj Gaur led Jaypee Group plans to hive off its cement grinding plant based at Panipat in the state of Haryana. The valuation of this unit is pegged at Rs 400 crore. Swiss construction giant Holcim has a majority ownership of ACC and Ambuja Cement. The combined capacity of Holcim in India is about 52 million tonnes. It is learnt from news reports that Holcim is in the race to buy Jaypee Group cement unit at Panipat. Jaypee Group plans to reduce its debt burden by Rs 15,000 crore by the end of the current fiscal. The company has a total debt of about Rs 60,000 crore.