The article is about the plans of Jaypee Associates, which runs cement plants in Andhra and Gujarat for sale and the bids by AV Birla and Lafarge of France to buy the same.
THE AV Birla group and French cement major Lafarge has expressed their desire to buy Jaiprakash Associates cement plants. The companies are in with the Jaypee Group which owns the company and the plants were in Gujarat and Andhra, reported Economic Times.
The Jaypee group decided to sell the plants to buyer on the premium rate because the investors failed to any interest when the company put the cement plans for sale to merge with the parent company which is under now run as separate company.
The AV Birla and Lafarge companies has finished their first round of talks with Jaypee group on buying the units and an AV Birla group executive said that the final bids will be completed in two months. The Jaypee group, which operates the cement plants in Gujarat and Andhra as separate companies, wants to exit from the business so that it can concentrate on their core business and the parent company can reduce the debt burden according to senior official of the Jaypee group.