<article><a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Reliance+Infrastructure+Ltd" target="_blank">Reliance Infrastructure Ltd</a> on Thursday said it has agreed to sell its cement assets to <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Birla+Corp.+Ltd" target="_blank">Birla Corp. Ltd</a> for Rs.4,800 crore ($710 million).</article>

<a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Reliance+Infrastructure+Ltd" target="_blank">Reliance Infrastructure Ltd</a> on Thursday said it has agreed to sell its cement assets to <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Birla+Corp.+Ltd" target="_blank">Birla Corp. Ltd</a> for Rs.4,800 crore ($710 million).
In November 2015, Reliance Infrastructure announced plans to sell its cement and road business to focus on its new defence venture.
“The company announced the signing of share purchase agreement with Birla Corp. Ltd, the flagship company of the M.P. Birla Group in relation to 100% sale of its subsidiary Reliance Cement Co. Pvt. Limited (RCCPL),” Reliance Infrastructure said in a statement to the BSE on Thursday.
The transaction is subject to approval of the Competition Commission of India and other applicable regulatory approvals, the company said in its statement.
Initial bidders for the cement assets included companies like <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=JSW+Cement+Ltd" target="_blank">JSW Cement Ltd</a> and <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=JK+Lakshmi+Cement+Ltd" target="_blank">JK Lakshmi Cement Ltd</a> and private equity firms.
Reliance Cement’s capacity is spread across four states: an integrated unit in Madhya Pradesh and grinding units in Uttar Pradesh, West Bengal and Maharashtra.
The announcement comes after two days of LafargeHolcim calling off discussions with Birla Corp. for the sale of its east India assets of 5.15 million tonnes citing regulatory issues. Birla Corp. had entered into an agreement with LafargeHolcim to buy its east India assets in August 2015 for Rs.5000 crore. The deal, however, could not be executed.
On Thursday, Reliance Infrastructure closed at Rs.409.85 per share, 5.85% lower from its previous close.
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This story was first published on <a href="http://www.livemint.com/Companies/nGAvB5k2qs5gmEtTwu9eEP/Infosys-to-refrain-from-hiring-SAP-executives-for-now.html" target="_blank">Livemint.com</a>.

In November 2015, Reliance Infrastructure announced plans to sell its cement and road business to focus on its new defence venture.

India: Birla Corp buys Reliance Infra's cement business for $710m

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India: Birla Corp buys Reliance Infra's cement business for $710m

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