Not evaluating proposal to buy Jaypee Cement: Adani

MUMBAI: Adani Enterprises, the flagship of the ports-to-power Adani conglomerate, said Friday that it is not evaluating any proposal to acquire Jaypee Group‘s cement business.
While Adani Enterprises focuses on investing in new businesses, the conglomerate’s chief Gautam Adani had routed his cement foray (the Ambuja Cements and ACC acquisitions) through his personal investment vehicles and not through the publicly listed Adani Enterprises. Soon after the buyout of the twin assets, Adani had told Ambuja Cements and ACC employees that he plans to double the cement making capacity to 140 million tons from existing 70 million tons by 2027.
To achieve this target, one of the ways is to acquire more cement assets. Adani had infused Rs 20,001 crore into Ambuja Cements to finance M&As and to meet other capital requirements. On Monday, the Jaypee Group of companies–Jaiprakash Associates and Jaiprakash Power Ventures -had said that their boards had approved the divestment of certain cement assets. The Jaypee Group has an installed cement capacity of 10.55 million tons.

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