In a bid to fund the acquisition of Pipavav Defence and Offshore Engineering, Reliance Infrastructure has decided to monetise its cement business. The company is acquiring Pipavav Defence for Rs 2,082 crore.
Reliance Cement, a fully-owned subsidiary of Reliance Infra, is in talks with two international cement companies, Heidelberg and Italcementi, and has offered a 50% stake in the company. The prospective joint venture partner will also fund the company's cement capacity expansion - estimated to rise from five million tonnes per annum (mtpa) to 15 mtpa by 2018.
