Country's Reliance Infrastructure Ltd is ahead talks to sell its cement business for Rs 26 billion (USD 394 million) & a deal could be declared soon in present week, told a source with direct knowledge of the matter.
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 value of Rs 50 billion, the source told Reuters, declining to be identified ahead of a public declaration.
A spokesman for the Reliance Group, a transformed conglomerate whose business interests range from telecoms to infrastructure & finance building, declined to comment. Reliance Infrastructure's cement unit has 3 plants with total installed capacity of 5.8 million tonne per annum (MTPA). there is another 5 MTPA cement manufacturing plant is being developed in Maharashtra state west.
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 value of Rs 50 billion, the source told Reuters, declining to be identified ahead of a public declaration.
A spokesman for the Reliance Group, a transformed conglomerate whose business interests range from telecoms to infrastructure & finance building, declined to comment. Reliance Infrastructure's cement unit has 3 plants with total installed capacity of 5.8 million tonne per annum (MTPA). there is another 5 MTPA cement manufacturing plant is being developed in Maharashtra state west.
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