Reliance Infrastructure Ltd 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 on Wednesday.
Reliance Infrastructure 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 Rs15000 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 Rs25766.09 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 & Offshore Engineering Co. Ltd is to be completed in the year to March. Ambani added the company is also in talks with international defence companies for strategic partnerships.
On Wednesday, Reliance Infrastructure closed at Rs347.75, flat compared with its previous close of Rs349.30.
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This article was first published on Livemint.com