Deals
KKR, Birla Group Said to Vie for F1 Builder's Cement Assets
- Jaiprakash seeks to cut debt by $2.9 billion via asset sale
- Bidders could complete due diligence by end of February
Practice session during the Indian Formula One Grand Prix at the Buddh International Circuit in Noida, India.
Photographer: Clive Mason/Getty ImagesThis article is for subscribers only.
KKR & Co. and Indian billionaire Kumar Mangalam Birla’s UltraTech Cement Ltd. have submitted initial bids for all the cement assets of Jaiprakash Associates Ltd., the builder of India’s only Formula One race track, people with knowledge of the matter said.
JSW Cement Ltd., a unit of Indian industrial conglomerate JSW Group, also submitted an offer earlier this month for the cement operations of heavily-indebted Jaiprakash, the people said, asking not to be identified as the information is private. The bidders have started due diligence, which could be completed by the end of February, according to the people.