(MENAFN) Indian-based Jaiprakash Associates planned to sell its cement plant to UltraTech Cement, the country's largest cement maker by production capacity, which is located in Gujarat for about USD594 million, according to Gulf Dauly News.
The two companies said that UltraTech will issue shares to Jaiprakash and assume debts worth USD57 million.
Executive chairman Manoj Gaur said that Jaiprakash plans to reduce total debts by USD 2.35 billion over the following six months, mentioning that the current total debts of the firm are USD 8.63 billion.
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