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Reliance Infrastructure Ltd (RInfra) of the Anil Ambani Group on Monday announced the successful completion of the sale of its 100 per cent shareholding in Reliance Cement Company Pvt Ltd to Birla Corporation Ltd of the MP Birla Group.
The sale was announced in February and has been completed with the transfer of shares and receipt of sale consideration. CEO of Reliance Infrastructure, Lalit Jalan, told BusinessLine that due to the sale, ₹4,800 crore was generated and was transferred to the banks for reduction of debt, which now stands at about ₹20,000 crore. The impact of the reduction in the debt would be felt in the forthcoming quarterly results, he said.
A press statement issued by RInfra said the Roads and Mumbai Power Businesses will also be monetised for reduction of overall debt. The closure of the cement deal is a significant milestone in this direction. SBI Capital Markets Ltd acted as the financial advisor to RInfra for the transaction.
Reliance Cement Company has an integrated capacity of 5.08 mtpa at Maihar, Madhya Pradesh and Kundanganj Uttar Pradesh and a grinding unit of 0.5 mtpa at Butibori, Maharashtra, the statement added.
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