Media reports indicate that lenders to JP Associates are forcing the company to sell its Gujarat-based 4.8 mn t cement plant in order to repay part of the debt.
Jaypee Group, of which JP Associates is a part, has a total debt of Rs 64,000 crore. Some reports indicate that JP Associates may sell the cement plant to UltraTech, a KM Birla company. Through this deal, JP may raise nearly Rs 4,000 crore.
Meanwhile, Jaypee Group is engaged in multiple discussions to sell power assets as well. The company could be looking at raising over Rs 10,000 crores via asset sales.
JP Power is holding talks with Sanjiv Goenka's CESC for selling its 500 mw Bina Power Project at around Rs 1,500 to 1,750 crore, reports indicate.