Holcim eyeing Jaypee Group's cement grinding plant in Panipat.

Days after striking a mega deal to sell two of its hydro-power assets to a consortium led by Abu Dhabi's flagship energy and utilities firm TAQA, Manoj Gaur led Jaypee Group has kick-started discussions to hive off its cement grinding plant based at Panipat, Haryana and Swiss construction giant Holcim is in the race for the asset, two sources privy to the development told ET NOW. ET NOW was the first to report the development.

'Holcim Cements has expressed interest in the grinding unit which has an annual capacity of 1.5 million tonnes per annum and the talks are at a preliminary stage. Holcim wants to expand its presence in North India through this strategic asset and will take a call if this potential deal can be routed through ACC cements. A domestic player based in the north has also expressed interest in the same unit . For the Jaypee group, these discussions are in line with its strategy to shed non-core assets and reduce its debt burden ,' a source familiar with the development told ET NOW without elaborating further.

ET