Jaiprakash gets four bids for 20 mtpa cement biz.

Jaypee group-promoted Jaiprakash Associates has received four bids for the cement capacity of 20 million tonnes per year that it has put on the block for paring debt, which was Rs. 75,000 crore at the end of last financial year according to a report by Credit Suisse. The bidders include global private equity firm KKR, and domestic players UltraTech and Dalmia Bharat Cement. The name of the fourth bidder could not be ascertained.

CARE Ratings had last year downgraded Jaypee to 'default' after the group defaulted on repayment of a non-convertible bond. The company has now appointed ICICI Securities as the sell-side banker to the deal that has received four bids for initial due-diligence.

The Jaypee group refused to respond to queries from Business Standard.

BS