UltraTech Cement closer to acquiring Binani; seeks CCI nod for takeover

UltraTech Cement is leading the race to take over Binani Cement by offering around Rs 62 billion and a 20 per cent stake in the company to unsecured financial creditors. Dalmia Bharat Cement had made a slightly better offer at Rs 63 billion, but is likely to lose as UltraTech has offered equity stake to creditors. 

On Thursday, the Aditya Birla group company sought permission from the Competition Commission of India (CCI) for the takeover and said its merger proposal for Binani Cement was being submitted in relation to the resolution plan filed by UltraTech on February 12 under the