Reliance Infrastructure is in the advanced stage of negotiations to sell its cement business and a deal can be announced as early as this week as the Anil Ambani—led firm tries to cut debt.

The firm is in talks with buyers —— both domestic and foreign —— to sell its cement and road business, in which it has invested over Rs 15,000 crore, that will be utilised to cut debt and also to fund its foray into defence manufacturing.

The company is in advanced stage of negotiations with 7 prospective buyers out of the initial 15 parties, and the deal can be finalised anytime now, a source said adding it can be announced as soon as Ambani returns from Russia and could be this week also.

The buyers include Blackstone, Carlyle and KKR.

Reliance Cement, which has an annual capacity of 5.5 million tonnes, started operations in 2007. It has plants at Maihar in Madhya Pradesh (2.8 million tonne per annum), Kundanganj in Uttar Pradesh (2.2 MTPA) and Butibori in Maharashtra (0.5 MTPA).

Reliance Infrastructure, with a net worth of over $4 billion, is trying to sell its non—core assets, including the road business to pare debt and fund expansion in the defence manufacturing sector, which it feels will be the primary driver for future growth.

With industrial licences for various military platforms, Reliance Defence is one of the fastest emerging private sector firms that wants to tap the lucrative development, manufacture and supply of defence aerospace, land and naval platforms and equipment.

Reliance Defence is a wholly owned subsidiary of Reliance Infrastructure.

On its road business, the firm last month had said: “Investment of Rs 8,800 crore made by the company in its wholly—owned roads business will be appropriately monetised.”

It is talking to strategic and portfolio institutional investors in India and overseas to sell its road business, which includes 11 projects of about 1,000 kms across 7 states.

Reliance Infra’s debt stood at around Rs 25,100 crore at March 31, 2015.