We are on course to reduce our debt at corporate level, at group level by Rs 14,000 -15,000 crore, says Manoj Gaur, Executive Chairman, Jaiprakash Associates
There is optimism that prices would go up but at the same time when newer capacities come in, there will be pressure on prices, correction will happen, says Sanjay Ladiwala, Cement Stockists and Dealers Association of Mumbai. This volatility is likely to continue for the next six months.
BK Batra, Deputy MD, IDBI Bank in an interview to CNBC-TV18, said they welcome the UltraTech and JP Associates deal because post deal he expects the debt level of JP Associates to get moderated.
Kumar Mangalam Birla believes it is a good asset, it is well priced, it is a fair value. It fits in with our overall scheme of things strategically.
Speaking to CNBC-TV18 soon after the announcement of the deal, Gaur said that the UltraTech's acquisition of its Gujarat plant is only a part of the company's debt reduction plan.
Manoj Gaur of Jaiprakash Associates told CNBC-TV18 that the stake sale plan of their Gujarat's cement arm, Jaypee Cement, had not been called off. He added, that it will be complete by the year-end and the focus lies on debt reduction on the balance sheet.
Jaiprakash Associates which has been deliberating sale of its Gujarat cement business for more than five month to pare its debts may soon announce a positive outcome.
Manoj Gaur, Executive Chairman of Jaiprakash Associates said they undertook a call to pare its debt on a consolidated level by selling stake in one of its plants. However, they have still not considered a sale of its Andhra unit to Ultratech, informed Gaur.