New Delhi, Aug 25 (IANS): Infrastructure developer Jaypee Group Monday announced the sale of its 1.5 million tonnes capacity per annum cement grinding unit at Panipat for Rs.360 crore.

According to the company, the sale of its property which is still subject to regulatory approvals to Shree Cement.

The move comes as a part of the company's decision to bring down its debt and consolidate its operation in the given economic scenario.

The company's executive chairman, Manoj Gaur, said that even after the current transaction the group would continue to have an aggregate cement grinding capacity of five million tonnes per annum in north India.

Recently the group sold its hydro power assets to Reliance Infrastructure for Rs.15,000 crore under its debt restructuring programme.

The group has plans to bring down its debt of around Rs.55,000-56,000 crore by Rs.15,000 crore in the current fiscal.

Currently, the group has business assets in cement, infrastructure, real estate, power, hospitality and sports sectors.