India's Adani Group is in advanced talks to buy debt-laden Jaiprakash Associates Ltd's cement business for $606 million, Bloomberg News reported on Monday, citing sources.
Separately, Jaiprakash Associates said its board had approved the divestiture of the company's cement business, but did not reveal the name of a potential buyer or the price.
The acquisition will be made by one of Adani Group's recently acquired cement units, with an announcement expected as early as this week, Bloomberg reported, adding the talks could still be delayed or fall apart.Adani Group did not immediately respond to a request for comment from Reuters. The Adani Group ventured into cement-making operations earlier this year with its $10.5 billion acquisition of Holcim AG's
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