UltraTech Cement front-runner to buy Emami Cement

The Emami Group is inching closer to turning debt-free in line with the city-based diversified conglomerate's plans for the 2019-20 fiscal, sources indicated. The group had earlier this year said it was looking to pare the entire debt of Rs 2,600 crore by March, 2020. The target is likely to be achieved well within the internal deadlines, Emami Group sources told . The promoters had repaid in excess of Rs 2,800 crore since April from resources raised through selling a part of their holdings in the flagship and listed entity - Emami Ltd, they said. Speculation is also rife that the group would soon seal the deal for its cement business at a valuation ranging between Rs 6,000 crore and Rs 7,000 crore, the sources said.