Mumbai: Anil Ambani-led Reliance Infrastructure Ltd (R-Infra) has completed the sale of its 100% shareholding in Reliance Cement Co. Pvt. Ltd (RCCPL) to Birla Corp. Ltd, the flagship company of the MP Birla Group. R-Infra had announced its plan to monetize cement, road and telecom tower assets and the Mumbai Power business to reduce overall debt. Birla Corp., established in 1919, has a presence across cement and jute; cement constitutes over 90% of the company’s revenues. With a total operational cement capacity of 10 mtpa, Birla Corp. has units in Rajasthan, Madhya Pradesh, Uttar Pradesh and West Bengal.

Source: Mint August 22, 2016 17:37 UTC