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Binani Industries To Sell 40% Stake In Cement Business

Binani Industries is in talks to divest up to 40% stake in Binani Cement, its subsidiary, with financial investors like JP Morgan and other Middle- East state owned funds to raise its capital by reducing debts and expanding cement capacities.

Binani Industries Logo

Binani Industries Logo

According to sources, Braj Binani Group’s banker, Ernst & Young (E&Y) has already started preliminary talks with potential investors. They will soon approach the financial investor with documents detailing the opportunity.

Sunil Shetty, the Executive Vice- Chairman and Managing Director of Binani Industries said that the board has given its approval to divest up to 40% to potential investors on a structured basis to consolidate its growth plans and facilitate liquidity position. The process of divestment is going on in a structured and planned manner and will be completed within the next few weeks.

Abu Dhabi Investment Authority and Qatar Investment Authority are among the main potential financial investors.

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