Reliance Industries Limited (NSEI:RELIANCE) (RIL) has revived plans to sell its 4.9% stake in Asian Paints Limited (NSEI:ASIANPAINT) by cashing out of its 17-year old investment in the company at a time when the sector is facing margin pressure and heightened competition, said people in the know. India?s paints market worth $9 billion has seen several new entrants seeking to topple No 1 Asian Paints from its perch. Reliance has engaged Bank of America (BoFA) to manage the transaction, through a single or multiple block deals.
However, offers have been at a 6% - 7% discount to the current market price. Reliance did not respond to queries.
