Dalmia Bharat set to buy Binani Cement; Ultra Tech likely to challenge deal

Interestingly, in the first round of bids for Binani Cement, JSW Cement had emerged the highest bidder

After a series of controversies, the consortium led by Dalmia Bharat Cement has received final approval from the Committee of Creditors (CoC) of Binani Cement to acquire the firm for Rs 67 billion, which includes a capital infusion of Rs 4 billion. This was despite Aditya Birla Group firm UltraTech Cement putting in a higher bid for Binani Cement.

UltraTech is likely to challenge Dalmia Bharat Cement’s offer in the National Company Law Tribunal (NCLT).

The CoC voting, which went for over four hours on Wednesday, approved the resolution plan proposed by Dalmia Bharat Cement, a source told Business Standard.
 

Binani Cement