Jaypee group has been trying to monetise Jaypee Cement's assets in Gujarat since past year
UltraTech Cement, the country's largest cement producer said it would buy 51% stake in Jaypee Cement Corp's unit in Gujarat for about Rs4,000 crore.
Jaypee Cement's Gujarat facility has a capacity of 5 million tonnes per annum (mtpa).
Jaypee Cement wanted to sell its assets in Gujarat for raising some funds and had been mulling various options, including offloading to a private equity firm. The proceeds would be used to meet the capacity expansion and retire debt, among others things, it had said earlier.
Aditya Birla Group, the country's largest cement maker with 54 mtpa capacity, runs cement business through Ultratech Cement and plans to increase its capacity by another 10 mtpa by 2015. The two were engaged in negotiations for a little over a year now.
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