Orient may buy stakes in Jaypee Cement
CK Birla Group-owned Orient Cement is in advanced discussions to acquire Jaiprakash Associates' 74% stake in Bhilai Cement for about 750 crore. The two sides are in the final stages of making a detailed contour of the deal, said two people familiar with the talks. "In all likelihood the transaction will be announced tomorrow (Thursday), or later this week," said one of them. The Jaypee group, which has business interests that range from real estate to power, was earlier in discussions with several players including Shree Cement to sell the Bhilai Cement unit. The group has sold cement, land and some other assets in recent months as part of its efforts to raise money to reduce debt. State-run Steel Authority of India owns the remaining 26% stake in the cement manufacturing unit in Chhattisgarh, which posts yearly revenue of about 800 crore.
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