Reliance Infrastructure to sell cement arm to Birla

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.

Edited from source by Joseph Green. Source: Reuters

Read the article online at: https://www.worldcement.com/indian-subcontinent/08022016/reliance-infrastructure-sell-cement-arm-birla-459/