Reliance Infra may sell cement business
It is in the advanced stage of negotiations to sell its cement business.
By : DC Correspondent
Update: 2015-12-25 07:21 GMT
New Delhi: Reliance Infrastructure is in the advanced stage of negotiations to sell its cement business and a deal can be announced as early as this week as the Anil Ambani-led firm tries to cut debt. The Mumbai-based firm is in talks with buyers — both domestic and foreign — to sell its cement and road business, in which it has invested over Rs 15,000 crore, that will be utilised to cut debt and also to fund its foray into defence manufacturing.
The company is in advanced stage of negotiations with seven prospective buyers, out of the initial 15 parties, and the deal can be finalised anytime now, a source said. An announcement can be made after the company chairman Anil Ambani returns from Russia. The buyers include Blackstone, Carlyle and KKR. Mr Ambani, who is accompanying Prime Minister Narendra Modi on his two-day Russia visit, is likely to return on Friday night or otherwise the next week. “The cement deal is in the range of Rs 5,000-6,000 crore and the company expects to get close to 50 per cent of the amount after paring the debt,” he added.
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