Shriram EPC to raise INR4bn for cement works

India-based Construction and engineering company Shriram EPC Ltd expects overseas private equity investors to pick up a 30-35 per cent stake in Shree Satyajyothi Cements in the next three months, according to reports in Livemint.

Shriram EPC holds a 70 per cent stake in the Andhra Pradesh-based Shree Satyajyothi Cements and plans to sell its stake to raise INR4bn for a captive power plant, help the company’s cashflow and to provide some liquidity to the erstwhile promotors.

“It is a wrong time to raise money as valuation are not good, but negotiations are on and the deal should be done within this calendar year,” saidT Shivaraman, managing director and chief executive of Shriram EPC, on the sidelines of the company’s annual general meeting.