Jaypee Group revives talks with JSW to sell 20-22MT cement portfolio

To improve its finances, Jaypee Group has revived its negotiations with JSW to sell its entire 20-22 million tonne cement portfolio, an ET report has said.

The top officials, including Manoj Gaur, Executive Chairman and CEO of Jaypee Group, met Sajjan Jindal, Chairman on JSW Steel, to discuss the acquisition, the report says.

Jaypee Group is debt-ridden, with an outstanding debt of around Rs 75,000 crore. 

The talks are still at early stage as there is no guarantee of the transaction to take place considering the debt of Jaypee Group, report added.

This is the second time that Jaypee Group is negotiating with JSW Cement. Earlier this year, the company was in talks with JSW and Heidelberg Cement to form a joint venture to control a majority of its cement plants. The talks, however, fell through when Heidelberg opted out of the deal.