The Board of Directors of UltraTech have approved the company’s proposal to form Binani Cement Ltd (BCL) into a wholly-owned subsidiary of UltraTech, as of 20 November. The company’s resolution plan submitted by UltraTech was approved earlier by the National Company Law Appellate Tribunal.
UltraTech has acquired BCL’s plants totalling 6.25 million tpy in Rajasthan, inclusive of an integrated cement unit and a split grinding unit at a value of Rs.8024 crore (US$1.13 billion). BCL’s subsidiaries in China and the UAE stand transferred to UltraTech.
The company has combined the acquired markets with its North zone and West zone operations, which are led by Sudeep Grover and Raju Anklesaria respectively. G. Balasubramaniam, formerly Unit Head, Awarpur, has moved as Head of BCL’s integrated cement unit.
With the addition of BCL’s plants, UltraTech’s network has grown to 50 plants across India. UltraTech’s overall capacity currently is 98.75 million tpy with an additional 4 million tpy under commission.
Read the article online at: https://www.worldcement.com/indian-subcontinent/22112018/ultratech-incorporates-binani-cement-as-subsidiary/