Jaiprakash Power Ventures to sell cement unit for Rs 500 crore

07 Oct 2016 Evaluate

Jaiprakash Power Ventures (JPVL) has decided to sell its Nigrie Cement Grinding unit to Orient Cement for an Enterprise Value of Rs 500 crore.  The Enterprise Value is on a cash-free, debt-free basis and is subject to adjustments on account of working capital, if any. The 2 mtpa Nigire cement grinding unit which began operations in 2015 is wholly owned by JPVL. This grinding unit is located very close to the end markets in Bihar, Jharkhand and Eastern UP.

Jaiprakash Power Ventures is part of India’s leading Infrastructure conglomerate - Jaypee Group. Its power projects which are in different stages of implementation include Hydro, Thermal and Transmission. The company has reported a net loss of Rs 196.16 crore for the quarter as compared to a net profit of Rs 66.96 crore for the same quarter in the previous year.

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