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Construction : Deals | October 2014 | Source : Construction Update

Jaiprakash Associates likely to sell its stake to Shree Cement

Jaiprakash Associates is reeling under debt of Rs 60,000 crore. To cut down its debt, the company plans to sell its 2.1 million tonne Bhilai Cement unit to Shree cements at a cost of Rs 1,800 crore. Jaiprakash owns 74 per cent stake in Bhilai Cement, with the rest of the stake being held by Steel Authority of India Ltd. The negotiations are in advanced stage and complete by end of October 2014.
 
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