India's Reliance Infrastructure to sell cement arm to Birla for $710 mln

Birla

04/02/2016 14:40

MUMBAI, Feb 4 (Reuters) - India's Reliance Infrastructure 
Ltd  RLIN.NS  said on Thursday it has agreed to sell its cement 
business to Birla Corporation Ltd  BRLC.NS  for 48 billion 
rupees ($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 said on Tuesday it planned to take 
legal action against the Indian subsidiary of LafargeHolcim 
 LHN.VX  after a deal fell through to buy some of the 
Franco-Swiss group's local assets.  urn:newsml:reuters.com:*:nL3N15H426 
    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 = 67.6477 Indian rupees) 
 
 (Reporting by Sumeet Chatterjee; Editing by Greg Mahlich) 
 ((sumeet.chatterjee@thomsonreuters.com; +91-22-61807068; 
Reuters Messaging: 
sumeet.chatterjee.thomsonreuters.com@reuters.net)) 
 
Keywords: RELIANCE INFRAST M&A/BIRLA