Emami Group is reportedly holding talks with UltraTech Cement and private equity firms KKR and Temasek Holding to sell assets from its cement business, Emami Cement, which is valued at INR50bn (US$725.4m). The Kolkata-based company is looking to reduce debt and concentrate on its core business.

The group is still deciding on whether to fully exit the cement business or simply reduce its stake by disposing of some of its assets, according to the Economic Times. Meanwhile, its cement business is looking to raise INR10bn through a proposed IPO.

Elsewhere, the Economic Times has also reported that Temasek is also looking to buy a stake of up to 20 per cent in Wonder Cement.