Billionaire Gautam Adani-controlled Adani Enterprises clarified that the company is not evaluating plans to buy Jaiprakash Associates’ cement unit.
Earlier this week, reports surfaced that the Adani Group was in advanced discussion with debt-laden Jaiprakash Power Ventures to acquire its cement unit for around Rs 5,000 crore ($606 million).
“It is submitted that the company is not evaluating any such proposal and hence we are not in a position to comment on the veracity of said media report. In the event there is any development that requires disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we will responsibly disclose the same in accordance with the regulatory requirements,” the company said in a regulatory filing on Friday.
Citing people familiar with the development, Bloomberg on Monday reported that the deal will be made by one of the cement units recently acquired by Asia’s richest person, adding an announcement was likely as early as this week.
While discussions are advanced, they could still be delayed or fall apart, it mentioned.
Last month, the Adani Group completed the acquisition of Ambuja Cements and its subsidiary ACC Ltd from Switzerland’s Holcim Group for $6.4 billion. The acquisition entailed the entire 63.11 per cent in Ambuja Cements and a 4.48 per cent direct stake in ACC. Ambuja Cements holds 50.05 per cent stake in ACC.
