In India, Birla Corp will buy the cement business of Reliance Infrastructure (R-Infra) for INR 48 billion (€652.78 million/US$707.03 million).
R-Infra will use proceeds from the sale to pare its debt, and it aims to be a debt-free company on completion of the deal by March 2017.
Under the deal, Birla Corp will acquire the units of Reliance Cement at Kundangting, MP and Maihar. The deal values Reliance Cement at US$140 (€129.26) per tonne, as it has an installed capacity of almost 5.1 million tonnes/year.
