The deal values the cement business at Rs 4,800 crore.
Reliance Group chairman Anil Ambani
Mumbai: Reliance Infra, an ADAG Group company, said on Thursday that it has agreed to sell its cement business to Kolkata-based Birla Corporation Ltd, the flagship company of the MP Birla Group. The deal values the cement business at Rs 4,800 crore, the company said. The sale proceeds may be used by the company to pare its debts.
Reliance Cements, an RInfra subsidary, has an integrated cement capacity of 5.08 Mtpa at Maihar, Madhya Pradesh and Kundanganj, Uttar Pradesh and a grinding unit of 0.5 Mtpa at Butibori, Maharashtra. The transaction is subject to approval of the Com-petition Commission of India (CCI) and other applicable regulatory approvals.
( Source : Deccan Chronicle. )
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