Dependence Infrastructure (R-Infra), part of the Anil Ambani-controlled Reliance Group, on Today said it was offering its concrete business to Kolkata-based Birla Corp, the M P Birla Group firm now controlled by Harsh Lodha, for Rs 4,800 crore.
With an introduced limit of about 5.1 million tons for every annum (MTPA), the arrangement values the concrete business at $140/ton, a R-Infra discharge said. The returns from the deal will be utilized to pare the organization’s obligation, it said.
As of now, Birla Corp has a limit of 10 MTPA with units in Rajasthan, Madhya Pradesh, Uttar Pradesh and West Bengal and it would procure Reliance Cement’s units at Maihar, MP and Kundangting with three bidders to discard its toll streets business, which will assist decrease its obligation. Once all the three arrangements near to March 2017, R-Infra means to be an obligation free organization, said Lalit Jalan, chief of corporate system and issues, Reliance Group.
R-Infra as of late entered the protection area after the legislature permitted privately owned businesses in the space. This has ended up one of the fundamental center zones for the organization. It likewise purchased a controlling stake in Pipavav Defense and Offshore Engineering, which houses India’s biggest dry dock to manufacture warships and maritime vessels.