Reliance Infrastructure is within the advanced stage of negotiations to sell its cement business and a deal is declared as early as in the week because the Anil Ambani-led firm tries to chop debt.
Under the terms of the deal, the buyer would also take over the cement unit’s outstanding debt of Rs 24 billion, giving the business an enterprise worth of Rs fifty billion, the source told Reuters, declining to be identified before a public announcement.
The buyers include Blackstone, Thomas Carlyle and KKR.
Reliance Cement, which has AN annual capacity of 5.5 million tonnes, started operations in 2007. it has plants at Maihar in Madhya Pradesh (2.8 million t per annum), Kundanganj in Uttar Pradesh (2.2 MTPA) and Butibori in Maharashtra (0.5 MTPA).
Reliance Defence may be a completely owned subsidiary of Reliance Infrastructure.
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