JP Group to divest Andhra Cement to pare debt

In a move to pare down its debt, JP Group is sourcing buyers to sell its cement arm Andhra Cement. The company holds 68.79 percent state in the cement company.

The deal is expected to result in an open offer.

While the company said it wouldn't like to comment on market speculations, the functional capacity will be key to the deal.

JP Group had bought majority stake in the company in 2011.