Binani Cement is in discussions to sell its 1.2Mta grinding unit at Neem Ka Thana, Rajasthan, to reduce debt.

The company is looking for prospective buyers and is hoping to complete the sale after March, a source told Cogenis news. UltraTech Cement is said to be among the parties interested in the acquisition.

Binani Cement expected to raise INR4bn (US$64.2m) through the sale of the northern Indian unit, which will be used to repay loans, according to the report. Parent company Binani Industries had debt of INR15.6bn rupees on its books, including short term loans, as on 30 September, it added.