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Binani Industries Ltd In Talks To Sell Up To 40% In Cement Arm To Raise Capital-The Economic Times

Tuesday, 19 Feb 2013 08:23pm EST 

The Economic Times reported that Binani Industries Ltd is in talks with potential financial investors such as JP Morgan and state-owned funds in the Middle East to sell up to 40% stake in subsidiary Binani Cement as it seeks to raise capital to cut debt and expand cement capacities. Ernst & Young (E&Y), Braj Binani group's banker for the transaction, has held preliminary talks with the prospective investors, said two persons familiar with the transaction. E&Y will soon approach the investors with a document detailing the acquisition opportunity, one person said. The potential investors may include Abu Dhabi Investment Authority and Qatar Investment Authority. 

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