Reliance Group to exit cement business?

The Reliance Group has decided to exit the cement business by putting privately-held Reliance Cements up for sale, the Economic Times of India reports.

Reliance Group has recently mandated Morgan Stanley and SBI Caps to find potential buyers as the group has decided to focus on new growth areas like defence, according to the article published today.

Reliance's foray into the cement industry was originally linked to the growth of its power business with fly ash generated from its Sasan power project being used as a key raw material. The company has a total installed capacity of 5.8Mta with plants in the Indian states of Madhya Pradesh, Uttar Pradesh and Maharastra. Its products are sold in UP, MP, Jharkhand, West Bengal and in select Maharashtra cities .