Cement maker ACC is likely to buy Jaiprakash Associates ltd's (JAl's) 74 per cent stake in two separate cement joint ventures with state-owned steel maker Steel Authority of India (SAIl).
The Swiss building material major Holcim-controlled ACC has been in talks with the debt-ridden JAl for quite sometime and an announcement in this regard including the consideration is likely to be made by evening, sources said.
Earlier in the day, JAl in a BSE filing said its Board would meet during the day "to consider stake sale in joint venture subsidiaries".
A JAl official said the meeting is to consider whether to sell company's 74 per cent stake each in the two cement joint ventures with SAIl located at Bhilai and Bokaro.