Bankruptcy case: UltraTech to pay Rs 73 bn for 98% stake in Binani Cement

The Aditya Birla group firm had offered this amount to resolution professional during insolvency process but its bid was rejected

It was a day of high drama in the Binani Cement bankruptcy case with promoter Binani Industries entering into an agreement to sell the cement company’s shares to UltraTech Cement, even as the National Company Law Tribunal’s (NCLT’s) Kolkata bench heard petitions from UltraTech and Braj Bhushandas Binani, director and promoter of Binani Cement.

Aditya Birla Group firm UltraTech Cement agreed to buy out parent Binani Industries’ entire 98.4 per cent stake in the Rajasthan-based cement company. The transaction is subject to the termination of bankruptcy proceedings and other regulatory approvals. 

Lenders to Binani Cement had earlier selected Dalmia Bharat