In a bid to cut debt through sale of non-core assets, Reliance Infrastructure is planning to sell its cement business. Morgan Stanley has been appointed as banker to scout for buyers for Reliance Cements. The company’s debt stood at around Rs 25,100 crore at March 31. The sale will help the company to bring down debt by 20-25 per cent.
Reliance Infrastructure is the largest power distribution licensee in Mumbai, with 25 years license to distribute electricity in its licensed distribution areas spread over 400 Sq. Kms. in the suburbs and surrounding areas of Mumbai, and supplying power to around 29 lakh consumers.
