Reliance Infra in talks

MUMBAI: Reliance Infrastructure Ltd is in advanced talks to sell its cement business for INR 26 billion ($394 million) and a deal could be announced as soon as this week, said 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 INR 24 billion, giving the business an enterprise value of INR 50 billion, the source said, declining to be identified ahead of a public announcement. A spokesman for the Reliance Group, a diversified conglomerate whose business interests range from telecoms to finance and infrastructure building, declined to comment. Reliance Infrastructure’s cement unit has three plants with total installed capacity of 5.8 million tonnes per annum (MTPA). Another five MTPA cement manufacturing plant is being developed in western Maharashtra state, according to its website.