India's Adani Group in talks to buy Jaiprakash's cement unit for $606 mln - Bloomberg (updated)

Jaiprakash Associates

10/10/2022 07:11

(Adds details, background)
       BENGALURU, Oct 10 (Reuters) - India's Adani Group is in
advanced talks to buy debt-laden Jaiprakash Associates Ltd's
 JAIA.NS  cement business for $606 million, Bloomberg News
reported on Monday, citing sources.
    Separately, Jaiprakash Associates said its board had
approved the divestiture of the company's cement business, but
did not reveal the name of a potential buyer or the price.
 urn:newsml:reuters.com:*:nFWN31817J
    The acquisition will be made by one of Adani Group's
recently acquired cement units, with an announcement expected as
early as this week, Bloomberg reported, adding the talks could
still be delayed or fall apart.
    Adani Group did not immediately respond to a request for
comment from Reuters.
    The Adani Group ventured into cement-making operations
earlier this year with its $10.5 billion acquisition of Holcim
AG's  HOLN.S  cement businesses in India - Ambuja Cements Ltd
 ABUJ.NS  and ACC  ACC.NS .  urn:newsml:reuters.com:*:nL2N2X8167
    The group, led by Asia's richest man Gautam Adani, is
looking beyond to expand its presence in power generation and
infrastructure.
    Gautam Adani and his family are in early discussions with
investors, including Singapore investment firms Temasek and GIC,
to raise at least $10 billion to fund an expansion into clean
energy, ports and cement businesses, Mint newspaper reported on
Monday.  urn:newsml:reuters.com:*:nL4N31B0GJ
    Recently Gautam Adani had said the group will invest more
than $100 billion over the next decade, most of it in the energy
transition business.  urn:newsml:reuters.com:*:nL1N30Y0E2
 (Reporting by Nallur Sethuraman and Rama Venkat in Bengaluru;
Editing by Savio D'Souza)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))