UltraTech appears to be favourite to takeover Binani
Published by Jonathan Rowland,
Editor
World Cement,
India’s UltraTech Cement appears to be in the driving seat to take over Binani Cement, after receiving approval for the deal from the Competition Commission of India (CCI).
Earlier in the month, UltraTech had appeared to lose out on the deal to a group comprising Dalmia Bharat and fund backed by Bain Capital and Piramal Enterpises, which won support from Binani’s panel of creditor.
The Aditya Birla group company since upped its offer for the bankrupt Binani, while India’s National Company Law Tribunal – which oversees bankruptcy proceedings – allowed it to explore an out-of-court settlement with Binani and its creditors.
UltraTech’s offer values Binani Cement as US$1.1 billion. Binani owns 6.25 million tpy of cement production capacity in the key northern Indian market. Crucially, it also owns 165 million t of limestone reserves.
Read the article online at: https://www.worldcement.com/indian-subcontinent/30032018/ultratech-appears-to-be-favourite-to-takeover-binani/
You might also like
World Cement Podcast
In the latest episode of the World Cement Podcast, we are joined by Eoin Condren, Corporate Development Executive Director for Ecocem. Topics covered include: the importance of investing in innovation, the role of policy and legislation in supporting next generation cement products, and a look at some exciting new technologies.
Mitsubishi UBE Cement prepare for Tokyo stock exchange listing
Mitsubishi Materials Corporation and UBE Corporation announce that Mitsubishi UBE Cement Corporation will begin preparations for the listing of its shares on the Tokyo Stock Exchange.
