Economy & Market
Jaypee mulls 26% stake sale in cement biz
Jaiprakash Associates (JPA), the Jaypee Group flagship, plans to dilute up to 26 per cent stake in its cement business, the third largest in the country. Jaypee hired a few investment bankers to advise on any strategic stake sale. Preliminary talks have already begun with large South America conglomerates such as Cemex and Votorantim Group, who have a global presence but are also looking at a bigger India play. A deal, if any, may still take some time to fructify. Jaypee Cement, with a current capacity of 23 mtpa, has been scaling up rapidly from being a 9 mtpa player in 2007-08. It is targeting 35.9 mtpa by 2011-12.