PE biggies among 10 cos in fray for Anils cement unit

The 5.6 mn t cement plant is expected to be sold in a transaction valued at over Rs 6,000 crore, in a sector witnessing a muted increase in deal making. Birla Corporation recently bought Lafarge´s assets at $150 per tonne - similar to the valuation being pegged for the Reliance Group´s cement assets. Sources close to the deal said Morgan Stanley has been appointed the banker for the transaction, which has reportedly also shortlisted a bunch of global majors such as CRH and Cemex. The move is seen as part of the Reliance Group´s plans to sell its non-core assets to deleverage it balance sheet and adopt an `asset light´ strategy. The deal is expected to be concluded before the year-end. A Reliance spokesman, when contacted, declined to comment on the deal. However, at the AGM of Reliance Infrastructure last week, Ambani had hinted at the possibility of selling the cement business.