RInfra sells cement biz to M P Birla

 Reliance Infrastructure (RInfra) has signed a share purchase agreement with Birla Corporation, the flagship company of the M P Birla Group to sell 100 per cent in Reliance Cement Company (RCCPL).

The deal values cement business of RInfra at Rs 4,800 crore.
Under the transaction, Birla Corporation will acquire the 100 per cent shareholding of RInfra in RCCPL.

The transaction is subject to approval of the Competition Commission of India and other applicable regulatory approvals, RInfra said.

Reliance Infra, in an intimation to the exchanges on November 4, 2015, had said that it is in the process of selling its cement business, as well as monetising its investment in the roads business.