Jaiprakash Associates MD Sunny Gaur resigns

Debt-ridden Jaiprakash Associates on Saturday informed that its Managing Director (Cement) Sunny Gaur has resigned from the company. In 2017, UltraTech Cement has completed the Rs 16,189 crore acquisition of Jaiprakash Associates' six integrated cement plants and five grinding units, having a capacity of 21.2 million tonne.

Debt-ridden Jaiprakash Associates on Saturday informed that its Managing Director (Cement) Sunny Gaur has resigned from the company. The board of directors has accepted the resignation tendered by Gaur citing personal reasons, said Jaiprakash Associates in a regulatory update.

"The Board of Directors has, by resolution passed through circulation on July 4, 2020, accepted the resignation of Sunny Gaur as tendered by him due to certain personal reasons, from the office of Director/Whole-time Director designated as Managing Director (Cement), with effect from the date of passing of the Resolution," it said. The group's cement facilities are located in the Satna Cluster (Madhya Pradesh).

Earlier, the group has sold its major cement facilities to Aditya Birla Group firm UltraTech Cement to reduce its debt. In 2017, UltraTech Cement has completed the Rs 16,189 crore acquisition of Jaiprakash Associates' six integrated cement plants and five grinding units, having a capacity of 21.2 million tonne.