UltraTech makes new move for Binani Cement
Published by Jonathan Rowland,
Editor
World Cement,
Indian cement maker, UltraTech, has stepped up efforts to prevent rival Dalmia Bharat’s from acquiring Binani Cement. The Aditya Birla subsidiary has made last-ditch bid, aiming to disrupt an offer from Dalmia Bharat, which had received approval from Binani’s creditors.
UltraTech’s latest bid of INR72.66 billion for a 98.43% stake in Binani Cement outbids Dalmia Cement’s bid of INR63 billion.
Binani Cement’s assets include a 6.25 million tpy integrated cement plant in Rajasthan and grinding units with a combined capacity of 5 million tpy in China and Dubai. The company has been in the midst of insolvency proceedings when the agreement with Dalmia Bharat was announced.
Read the article online at: https://www.worldcement.com/indian-subcontinent/21032018/ultratech-makes-new-move-for-binani-cement/
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