Apicorp Sells Alexandria Carbon Stake to Indian Group

The Arab Petroleum Investments Corp (Apicorp) said it sold its 12 percent stake in Egypt's Alexandria Carbon Black Co (ACBC) to India's Aditya Birla Group to free up funds for new investments.

Apicorp did not disclose the financial terms of the deal.

"This sale is part of an investment strategy to redeploy funds for diversification into new midstream sectors, particularly oil refining, storage, transport and shipping," Chief Executive Ahmad Bin Hamad Al-Nuaimi said in a statement.

ACBC produces carbon black, which is used to produce tires and other rubber-based products.

The Aditya Birla Group is an Indian conglomerate with interests ranging from cement to retail.