Jaypee Cement to sell 51% stake in Guj unit to Ultratech

Debt Ridden JP Group finally got the some Relief.

After a Long  negotiation, Jaypee Cement has struck a deal with Aditya Birla Group firm UltraTech to sell 51% stake in the 5 mtpa Gujarat facility for close to Rs 4,000 crore.

The deal has been finalised. UltraTech will buy Jaypee Cement Corporation's 51 per cent stake in Gujarat plant, which has an annual capacity of five million tonnes for close to Rs 4,000 crore” a Jaypee Group official .

The Jaypee Group, having interests in areas such as real estate, cement and hospitality, is the country's third largest cement maker with an installed capacity of 33.5 mtpa.