Gautam Adani is seeking to sell a stake in his cement business worth about $450mn, as part of efforts to reduce debt and restore investor confidence in his conglomerate.
Three people with direct knowledge of the plan said that Adani on Thursday made a formal request to international lenders to sell 4 to 5 per cent of Ambuja Cement.
Adani, which owns 63 per cent of Ambuja Cement, has not disclosed who would buy the stake and the plan is not finalised, it added. A fourth person confirmed the talks without disclosing details.
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