JSW Cement's offer of Rs 60 billion emerges as highest bid for Binani

Binani Cement has an operating capcity of 11.25 MTPA across India, China, and Dubai, and has good limestone reserves in Rajasthan

JSW Cement has emerged as the highest bidder for Binani Cement, with Indian lenders not taking any haircut on their debt.

According to a source close to the development, JSW Cement’s offer of approximately Rs 60 billion was better than its nearest rivals Ultratech Cement and Piramal-Bain stressed asset fund. 

Mumbai-based billionaire stock brokers Rakesh Jhunjhunwala and Radhakishan Damani also made a joint bid for the firm and offered to match competitive bids. JSW Cement, which currently has 11.6 million tonnes per annum (MTPA) capacity, would double its capacity with the acquisition if banks accept its offer. "Binani Cement has