India-based private sector ship builder ABG Group, is in talks to offload a minority stake in its cement business, a senior executive has told the Times of India.
The cement business, which operates under ABG Cement, has a 6.5Mta cement plant in Kutch, Gujarat, which is expected to be commissioned in a few weeks.
Dhananjay L Datar, director of ABG Group, said the potential deal is at a preliminary stage with several parties showing an interest in the unit.
Sources familiar with the matter say that private equity firms like Blackstone and KKR have held initial round of talks and that the ABG Group could sell up to 49.9 per cent in the cement venture. The deal is expected to raise around US$150m for the company, according to the Times of India report.
