Reliance Infrastructure on Wednesday said it has decided to sell its cement manufacturing and road development businesses to focus on defence.
The company also said that it has shortlisted 7 potential buyers from 15 interested parties for its cement business which has an annual output of 5.6 million tonnes. The due diligence process for the sale has started and further announcements will be made at the “appropriate stage:, the company said
The company also said that it has shortlisted 7 potential buyers from 15 interested parties for its cement business which has an annual output of 5.6 million tonnes. The due diligence process for the sale has started and further announcements will be made at the “appropriate stage:, the company said.
“The 5.8Mta cement business and related assets will be disposed off through a formal process. The company has short-listed seven potential buyers from a total of 15 parties that submitted preliminary expressions of interest,” according to the company.
While Reliance has been talking of its plans of monetising assets, the board of the company approved the plan to sell the two businesses and focus on defence driven by the acquisition of Pipavav Defence & Offshore Engineering Co and the business opportunities it foresees in the sector.
“The board noted that new high growth opportunities in the defence sector, arising from the Make in India and Skill India policies of the Prime Minister Narendra Modi, serve vital national priorities, and are also characterised by several attractive features,” the company said in a statement to the bourses