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R Infra gains on talks with UltraTech for cement units sale

Anil Dhirubhai Ambani Group company's cement units are likely to fetch an enterprise valuation of Rs 5,000-5,500 crore, the report adds.

November 27, 2015 / 10:36 AM IST
 
 
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Reliance Infrastructure's shares gained 1.4 percent intraday Friday on top of a 3.3 percent rise in previous session. A media report indicated that the company is in talks with Aditya Birla Group company for stake sale in cement units.


"The Aditya Birla Group's cement company, UltraTech Cements, is in talks to take over cement units of the Anil Ambani-owned Reliance Infrastructure," a media report said quoting unnamed sources.


Anil Dhirubhai Ambani Group company's cement units are likely to fetch an enterprise valuation of Rs 5,000-5,500 crore, the report added.


Reliance Infrastructure has put up its cement units for sale last month to reduce its Rs 25,766 crore debt.


The company earned revenue of Rs 379 crore from its 5.5 million tonnes per annum operational capacity in September quarter. The company, on November 4, said it has been in process of obtaining requisite clearances for Sial Ghogri coal mine on track and the mining is expected to commence in Q1FY17.

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At 10:09 hours IST, the scrip of Reliance Infrastructure was quoting at Rs 438.05, up Rs 5.45, or 1.26 percent.

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