India: Reliance Infra looking for strategic investor for cement and road business

Visual from Reliance Infrastructure website.

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.

Also Read: MEP Infra to launch InvIT to pare debt

India’s L&T to sell assets, dilute stake in non-core businesses

This article was first published on Livemint.com

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.