The PIL allege that the cement factory in Kutch has encroached upon village land and is dumping waste in the area. The bench said that any deal between the two companies will be subject to the outcome of the PIL.
Jaiprakash Associates plans to reduce its debt by Rs 15,000 crore. Along with its subsidiaries, the group has a total debt of Rs 55,000-56,000 crore.
“The deal has been finalised. UltraTech will buy Jaypee Cement Corporation's 51 per cent stake in Gujarat plant, which has an annual capacity of five million tonnes for close to Rs 4,000 crore†a Jaypee Group official told PTI.
Jaypee Group is likely to sell equity in two of its hydro power projects and is in discussion with some players.
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.
Jaypee Cement, a division of Jaypee Group, is aiming 15 percent revenue growth during the current financial year,
UK's CRH Plc has terminated the talk to buy Jaypee Cement's, a part of Jaiprakash Associates, Gujarat operations on valuations differences, reports CNBC-TV18. At 09:18 hrs Jaiprakash Associates was quoting at Rs 83.15, down Rs 2.05, or 2.41%.
Barclays Capital initiates coverage of Indian engineering and construction firm Jaiprakash Associates with an "overweight" rating and a target price of Rs 99, but starts Reliance Infrastructure at "equalweight" and a target price of Rs 598.
Aditya Birla Group and France's Lafarge are separately in talks to buy Jaiprakash Associates' cement units in two states, worth up to about USD 1.6 billion, the Economic Times reported on Friday.
Buoyancy on sales for the cement sector continued in the first month of the New Year as the manufacturers clocked up to 27% rise in sales on brisk construction and infrastructure activities.