New Delhi, Dec 10 (PTI) Jaypee group firm Jaypee Power Ventures will hold a board meeting on Monday to consider a proposal to divest its Nigrie cement grinding plant in Madhya Pradesh.

In a regulatory filing, Jaypee Power Ventures informed that a board meeting has been convened on Monday to "apprise the board of the recommendations of the Audit Committee to consider the proposal of divestment of Jaypee Nigrie cement Grinding unit."

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Separately, Jaypee Group flagship firm Jaiprakash Associates informed that a board meeting has been convened on Monday to apprise the board of the recommendations of the audit committee and the progress on the various divestment initiatives.

Jaiprakash Associates Ltd (JAL) presently has an aggregate capacity of around 6 million tonnes per annum (MTPA) and Jaiprakash Power Ventures Ltd has around 4 MTPA.

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In October, Jaiprakash Associates and Jaiprakash Power Ventures had announced plans to divest their cement business as well as some non-core assets to reduce debt.

Sources had said in October that Adani group was in talks to buy the cement businesses of debt-laden Jaypee Group for about Rs 5,000 crore as the conglomerate seeks to consolidate its presence in the cement sector.

The ports-to-energy conglomerate has forayed into the cement sector with the acquisition of Ambuja Cements and ACC Ltd to become the nation's second-largest cement maker with annual production capacity of 67.5 million tonnes.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)