Mumbai, August 29, 2016: Reliance Infrastructure Limited (RInfra) today announced the successful completion of sale of its 100% shareholding in Reliance Cement Company Private Limited (RCCPL) to Birla Corporation Limited, the flagship Company of the MP Birla Group. The deal was announced in February 2016 and has now been completed with transfer of shares and receipt of sale consideration.
RCCPL has an integrated cement capacity of 5.08 Mtpa at Maihar, Madhya Pradesh and Kundanganj Uttar Pradesh and a grinding unit of 0.5 Mtpa at Butibori, Maharashtra.
The entire proceeds shall be utilized for debt reduction.
RInfra had announced its plan to monetise Cement, Roads and Mumbai Power Businesses to reduce the overall debt. The closure of Cement deal is a significant milestone in this direction.
SBI Capital Markets Limited acted as the financial advisors to RInfra for this transaction.
Corporate Comm India(CCI Newswire)
