Reliance Infra signed Agreement with Birla Corp to sell its Cement Plant
While RInfra is an entity of the Anil Ambani-headed Reliance Anil Dhirubhai Ambani Group, Birla Corp is the flagship Company of the M P Birla Group.
Reliance Infrastructure Ltd (RInfra) on 4 February 2016 announced the signing of Share Purchase Agreement (SPA) with Birla Corporation Ltd in relation to 100 percent sale of its subsidiary Reliance Cement Company Private Limited (RCCPL).
While RInfra is an entity of the Anil Ambani-headed Reliance Anil Dhirubhai Ambani Group (Reliance ADAG), Birla Corp is the flagship Company of the M P Birla Group.
The deal was valued at 4800 crore rupees or 140 US dollars per tonne and the proceeds will utilised by RInfra towards debt reduction.
Under the SPA, the Birla Corp will acquire an integrated cement capacity of 5.08 Metric tonnes per annum (Mtpa) at Maihar, Madhya Pradesh and Kundanganj, Uttar Pradesh and a grinding unit of 0.5 Mtpa at Butibori, Maharashtra.
Now get latest Current Affairs on mobile, Download # 1 Current Affairs App