Birla Corp frontrunner to buy Reliance Infra's cement biz

Birla Corp is currently the only potential buyer engaged in advanced commercial negotiations with Anil Ambani-promoted Reliance Group, adds the financial newspaper.

Jan 11, 2016 06:01 IST India Infoline News Service

Birla Corp has emerged as the frontrunner to acquire Reliance Infrastructure's cement business, reports a business daily.
Birla Corp is currently the only potential buyer engaged in advanced commercial negotiations with Anil Ambani-promoted Reliance Group, adds the financial newspaper.
The other serious contender was private equity firm Blackstone, which had teamed up with Sumit Banerjee, former vice chairman of Reliance Cement.
Others who filed preliminary expressions of interest (EoI) included Baring Private Equity Asia, Carlyle, JSW Cement, JK Lakshmi Cement and China Resources Cement Holdings, says the paper. 
Birla Corp's offer in the range of INR 5,000-5,100 crore is in line with Reliance Infra's expectations, according to the daily. Bids from PE firms came in at ~INR 4,200-4,500 crore.
A final decision is expected in the next fortnight but an announcement may come as early as next week, reports the daily.

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