India’s Adani Group in talks to purchase Jaiprakash’s cement unit for $606 million

BENGALURU (Reuters) -India’s Adani Group is in superior talks to purchase debt-laden Jaiprakash Associates Ltd’s cement enterprise for $606 million, Bloomberg Information reported on Monday, citing sources.

Individually, Jaiprakash Associates stated its board had accepted the divestiture of the corporate’s cement enterprise, however didn’t reveal the title of a possible purchaser or the worth.

The acquisition shall be made by certainly one of Adani Group’s lately acquired cement items, with an announcement anticipated as early as this week, Bloomberg reported, including the talks may nonetheless be delayed or crumble.

Adani Group didn’t instantly reply to a request for remark from Reuters.

The Adani Group ventured into cement-making operations earlier this yr with its $10.5 billion acquisition of Holcim (SIX:) AG’s cement companies in India – Ambuja Cements Ltd and ACC.

The group, led by Asia’s richest man Gautam Adani, is wanting past to increase its presence in energy era and infrastructure.

Gautam Adani and his household are in early discussions with traders, together with Singapore funding companies Temasek and GIC, to lift no less than $10 billion to fund an enlargement into clear vitality, ports and cement companies, Mint newspaper reported on Monday.

Not too long ago Gautam Adani had stated the group will make investments greater than $100 billion over the subsequent decade, most of it within the vitality transition enterprise.