Jaiprakash Associates called a board meeting to decide whether to sell its Nilgrie cement unit in Madhya Pradesh. Dalmia Cement is the frontrunner in the acquisition race, with the Adani group and the Aditya Birla group also interested.

Adani and Ultratech were in talks with Jaypee about buying the company for Rs 50 billion. The sale of cement units by Jaiprakash Associates would have provided relief to Indian lenders, who had a Rs 287.53 billion exposure to the company and its infrastructure projects.

After defaulting on bank loans, the company sold 10.55 million tonne of cement capacity per year.

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