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/