NCLAT rules UltraTech's bid for Binani Cement valid: TV channels

(Reuters) - An Indian tribunal has ruled that UltraTech Cement Ltd's $1.1 billion bid for Binani Industries Ltd's cement unit was valid, TV channels reported on Wednesday.

The National Company Law Appellate Tribunal (NCLAT) dismissed Dalmia Bharat Ltd's plea, saying its offer for Binani Cement was discriminatory against financial and operational creditors, CNBC-TV18 reported.

(Reporting by Chris Thomas in Bengaluru; Editing by Subhranshu Sahu)