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News Reliance Infrastructure to sell cement business to Birla Corporation for US$709m

Reliance Infrastructure to sell cement business to Birla Corporation for US$709m

Written by Global Cement staff 05 February 2016
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India: Reliance Infrastructure has sold its cement business to Birla Corporation for US$709m to lower its debt. The transaction is subject to approval of the Competition Commission of India and other applicable regulatory approvals," the company said.

"Reliance Infrastructure today announced the signing of share purchase agreement with Birla Corporation Limited, the flagship Company of the M P Birla Group, in relation to 100% sale of its subsidiary RCCPL," the company said in a statement. It added that SBI Capital Markets acted as the financial advisors to Reliance Infrastructure for this transaction.

Reliance Infrastructure has an integrated cement production capacity of 5.08Mt/yr at Maihar, Madhya Pradesh and Kundanganj, Uttar Pradesh and a 0.5Mt/yr cement grinding unit at Butibori, Maharashtra. The deal was valued at US$140/t of cement production capacity.

Last modified on 10 February 2016
Published in Global Cement News
Tagged under
  • India
  • Reliance Infrastructure Ltd
  • Sale
  • Birla
  • Competition Commission of India
  • GCW237

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