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After buying Ambuja Cement and ACC Cement, now Gautam Adani Group (Gautam Adani Group) Eyes Jaiprakash Associates (Jaiprakash Associates) is on the cement business. According to a Bloomberg report, the Gautam Adani-led business group is in talks to buy it. Quoting sources related to this development, it has been told in the report that this deal can be done for about 50 billion rupees ($ 606 million).
The deal also includes cement grinding units and minor assets of Jaiprakash Power Ventures Ltd. Bloomberg has given this information quoting two people. Quoting some people, Bloomberg has said that this acquisition will be done by the recently acquired Gautam Adani’s cement company. He told that it can be announced in this week.
If this deal goes ahead and is completed, the acquisition will lead to the Adani Group acquiring a significant position in the cement business. Let us tell you that Adani Group had recently bought ACC Limited from the Swiss company Holcim Limited. After the acquisition of Ambuja Cement and ACC Limited, it has now become the second largest cement producer in India with a production capacity of 67.5 million tonnes per annum.
When Bloomberg wanted to talk to representatives of the Adani group in this context, they refused to comment. Representatives of Jaiprakash Associates were not immediately available for comment.
Jaiprakash Associates shares rise
After this news, the shares of Jaiprakash Associates rose up to 13 percent. Jaiprakash Power Ventures also saw a rise of up to 3.7 percent. According to information given to the stock exchange on Monday, the board of Jaiprakash Associates has decided to sell a stake in the company’s important cement business to reduce debt.
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