According to a Reuters report, Reliance Infrastructure has announced that it has agreed to sell its cement business to Birla Corporation Ltd for US$710 million.
The move is part of a bid t reduce the company’s debt.
Reliance Infrastructure's cement arm has three plants with a total installed production capacity of 5.6 million tpy. Another 5 million tpy plant is under construction in western Maharashtra state.
Meanwhile Birla Corp said it planned to take legal action against the Indian subsidiary of LafargeHolcim after a deal fell through to buy some of the Franco-Swiss group's local assets.
Indian company Reliance Infrastructure, which has interests in the cement industry, reported a decline in profit and revenue for the quarter ending 31 March.