J. Sagar Associates has advised Reliance Infrastructure Limited (RInfra) in the 48 billion rupee ($710 million) sale of its cement business – Reliance Cement – to Birla Corporation, which turned to Nishith Desai for counsel.
As per the deal, Birla will acquire 100 percent sharesof Reliance Cement from RInfra. Reliance Cement, part of Reliance Group conglomerate, has three plants across India, with total installed production capacity of 5.6 million tonnes per annum (MTPA). Another 5 MTPA plant is under construction in western Maharashtra state, according to its website.
The transaction, which is subject to regulatory approvals, is part of RInfra’s efforts to reduce its debt.
A JSA team led by partners Dina Wadia and Jamshed Bhumgara advised RInfra and Reliance Cement. Meanwhile, Nishith Desai’s Karan Kalra and Abhinav Harlalka advised Birla Corporation.