The board of directors of two firms under the Jaypee Group — Jaiprakash Power Ventures (JPVL) and Jaiprakash Associates (JAL) — have approved divestment plans to reduce their debt.

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While the board of JPVL has decided to disinvest the company's Nigrie Cement Grinding Unit, the board of JAL has cleared divesting the company's significant cement business.

"In continuation to our letter dated October 9, this is to inform you that the Board of Directors, in their meeting held on October 10, have, inter-alia, decided to divest the company's Nigrie Cement Grinding Unit as well as other non-core assets," JPVL said in a stock exchange filing on Monday.

Reacting to the news, shares of JPVL were up by more than 2 percent on BSE.

"To give thrust to the ongoing efforts of the company to reduce its debt, the Board of Directors, in their meeting held today, decided to divest the company's significant cement business," JAL said.

JPVL reported a net profit of Rs 241.93 crore in the first quarter of FY23, and its total income almost doubled to Rs 1,820.37 crore from Rs 914.99 crore, as recorded in the first quarter of FY22.

JAL reported a net loss of Rs 362.91 crore in the first quarter of FY23 despite the total income from operations climbing to Rs 1,001.43 crore as against Rs 979.71 crore in the first quarter of FY22.

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First Published:Oct 10, 2022 11:52 AM IST