Economy & Market
Aditya Birla emerges front-runner to buy JAL stake
To acquire a stake in the cement business of Jaiprakash Associates (JAL) Aditya Birla Group has emerged as the front-runner. JAL's cement business could potentially be valued at $1 billion (around Rs. 5,700 crore). French cement giant Lafarge and another cement giant are also said to be in the race. The exercise is aimed at reducing debt and may even result in a complete exit by JAL from the third largest cement business in India.
the Mumbai-based conglomerate take up to 49 per cent stake in the entire firm, which also has a 4.8 mtpa cement making facility in Andhra Pradesh. Jaiprakash Associates, holds the majority of the cement business.