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Business News/ Companies / Reliance Infrastructure says in advanced talks to divest cement business
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Reliance Infrastructure says in advanced talks to divest cement business

The company has informed the stock exchanges that it will make 'appropriate disclosures as and when a final agreement is signed'

In November, Reliance Infrastructure said it would sell its cement assets totalling 5.6 million tonnes by March 2016 to focus on its newer defence business.Premium
In November, Reliance Infrastructure said it would sell its cement assets totalling 5.6 million tonnes by March 2016 to focus on its newer defence business.

Mumbai: Anil Ambani-led Reliance Infrastructure Ltd on Monday said it is in an advanced stage of discussions with potential buyers to sell its cement business in a bid to pare its overall debt.

The company has informed the stock exchanges that it will make “appropriate disclosures as and when a final agreement is signed". A news report in The Economic Times on Monday said that Birla Corp. has emerged as the front-runner to acquire the cement business.

“As part of our ongoing asset monetisation plans, we are at an advanced stage of discussion with potential buyers for divesting the cement business of the company," the company said.

On 29 December last year, Mint reported that the company had received three final bids for its cement assets, citing two people directly involved in the transaction. JSW Cement Ltd and Birla Corp. were among the bidders for the cement assets, the report said.

In November, Reliance Infrastructure said it would sell its cement assets totalling 5.6 million tonnes by March 2016 to focus on its newer defence business.

Reliance Infrastructure holds its cement assets under unit Reliance Cement Co. Pvt. Ltd. The company had then said that seven potential buyers have evinced interest in its cement business.

Reliance Cement’s capacity is spread across four states and includes an integrated unit in Madhya Pradesh and grinding units in Uttar Pradesh, West Bengal and Maharashtra. It is also one of the few large cement capacities up for sale.

Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay High court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.

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Published: 11 Jan 2016, 03:51 PM IST
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