Adani Enterprises Limited (BSE:512599) is in advanced talks to buy the cement assets of cash-strapped Jaiprakash Associates Limited (BSE:532532), said people with knowledge of the matter. The development comes within a month of Adani completing India's largest cement buyout by taking over Holcim's local units Ambuja Cements and ACC. The Jaypee Group assets are housed in listed Jaiprakash Associates Ltd. (JAL) and Jaiprakash Power Ventures Limited (BSE:532627) and will help India's richest man Gautam Adani strengthen his position in the sector.

The deal is expected to be valued in the range of INR 32,980 million-41,200 million ($400 million-$500 million), said the people cited above. Jaiprakash Associates said in an exchange notification on October 11, 2022 that its board had approved divestment of its cement business. The board of Jaiprakash Power Ventures has decided to sell its cement grinding unit in Nigrie, Madhya Pradesh.

The Jaypee Group currently has an installed cement capacity of 10.55 million tonnes per annum (mtpa). Jaypee Group and Adani Group didn't respond to queries. Some of the people cited above said Jaypee had approached JSW Cement Limited as well but it had declined.

JSW declined to comment.