Mumbai: Reliance Infrastructure Ltd on Thursday said it has agreed to sell its cement business to Birla Corporation Ltd for Rs 4,800 crore ($710 million), as part of its efforts to reduce debt.
Reliance Infrastructure is an affiliate of billionaire Anil Ambani's Reliance Group conglomerate.
Reliance Infrastructure's cement arm has three plants with total installed production capacity of 5.6 million tonnes per annum (MTPA). Another 5 MTPA plant is under construction in western Maharashtra state, according to its website.
Meanwhile Birla Corp on Tuesday 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.
In April last year, LafargeHolcim agreed to sell two of its Indian plants to win local regulatory approvals for the merger of Lafarge and Holcim.
($1 = Rs 67.6477)
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
