Birla, Dalmia are said to have bid Rs 60 bn each for Binani Cement

The bids from UltraTech and Dalmia Bharat varied in the way they would address the Rs 25 bn owed to unsecured creditors

Billionaire Kumar Mangalam Birla and an investor group led by Dalmia Bharat Ltd. are emerging as the lead bidders for India’s Binani Cement Ltd., which is being sold under the country’s insolvency process, people with knowledge of the matter said.

Birla’s UltraTech Cement Ltd. and the Dalmia Bharat consortium have each made cash offers of around Rs 60 billion ($936 million), the people said, asking not to be identified because the information is private. As part of that, they have agreed to pay back secured lenders who are owed about Rs 40 billion, according to the people. UltraTech and the