Technoglitch
Core Member
Reliance Infrastructure Ltd has agreed to sell its cement assets to Birla Corp. Ltd for Rs.4,800 crore as part of the Anil Ambani-led company’s efforts to pare debt and expand its new defence manufacturing business.
The transaction is subject to approval from the Competition Commission of India and other regulatory authorities, Reliance Infrastructure said in a statement on Thursday.
Anil Ambani’s Reliance Group has been trying to sell assets across its group companies to cut debt and expand its new defence business. In December, Reliance Communications Ltd entered into a non-binding pact to sell its mobile phone towers business to a consortium led by buyout firm TPG Capital Management.
“We are targeting to bring down our debt in Reliance Infrastructure to nil by March 2017 through our sale processes,” said Lalit Jalan, acting chief executive officer of Reliance Infrastructure, adding the company currently has a debt of Rs.16,000 crore.
Reliance Infrastructure to sell cement business to Birla Corp for Rs4,800 crore - Livemint
The transaction is subject to approval from the Competition Commission of India and other regulatory authorities, Reliance Infrastructure said in a statement on Thursday.
Anil Ambani’s Reliance Group has been trying to sell assets across its group companies to cut debt and expand its new defence business. In December, Reliance Communications Ltd entered into a non-binding pact to sell its mobile phone towers business to a consortium led by buyout firm TPG Capital Management.
“We are targeting to bring down our debt in Reliance Infrastructure to nil by March 2017 through our sale processes,” said Lalit Jalan, acting chief executive officer of Reliance Infrastructure, adding the company currently has a debt of Rs.16,000 crore.
Reliance Infrastructure to sell cement business to Birla Corp for Rs4,800 crore - Livemint
