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.