Jaiprakash Associates says to cut debt by $2.4 bln in FY14

REUTERS - Jaiprakash Associates plans to reduce its debt by 150 billion rupees in the current fiscal year ending on March 31, 2014, Executive Chairman Manoj Gaur said on Wednesday.

Jaiprakash, with its subsidiaries, has total debt of 550 billion rupees to 560 billion rupees, he said, speaking after the company said it has agreed to sell its cement plant in Gujarat state to UltraTech Cement for an enterprise value of 38 billion rupees.

(Reporting by Devidutta Tripathy in New Delhi)