Emami Said to Pick Arpwood, Credit Suisse for Cement Unit Sale

Emami Group., an Indian conglomerate that runs businesses from cosmetics to a paper mill, has picked Arpwood Capital Ltd. and Credit Suisse Group AG to manage the sale of its cement unit, people familiar with the matter said.

The bankers will start reaching out to prospective buyers for Emami Cement Ltd., seeking a valuation of about $1 billion, one of the people said, asking not to be identified as the information is private. A decision is yet to be made about the size of the stake to be sold and the group can add more managers for the deal later, the people said.