Reliance looking for investor for its cement biz

Reliance looking for investor for its cement biz

Reliance Infrastructure is looking to bring in a strategic investor for its cement and roads businesses, group chairman Anil Ambani told shareholders at the company´s annual general meeting. Reliance has been on a look out for a buyer to sell a partial stake in these two businesses for the past few quarters but has not closed a sale so far. The company has invested around Rs 15,000 crore in these two businesses and the proceeds will solely be used to reduce debt, Ambani added in 2014-15, Reliance Infrastructure had a total consolidated debt of Rs 25,766 crore.

Reliance Infrastructure now plans to focus on defence and smart cities. ´About future growth, we are focusing on two drivers, defence manufacturing and smart cities,´ Ambani said. The company´s proposed acquisition of Pipavav Defence is to be completed in March.

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