Bainbacked group is poised to win binani cement stake. Ultratech, indias biggest cement firm, told stock exchanges on monday that it will issue a comfort letter to provide rs 7,266 crore to binani industries to end insolvency proceedings against binani cement. Supreme court directs binani cement lenders to proceed. Binani cement share price, binani cement stock price. Binani cement limited, a key leader in the indian cement industry. Jsw cement to bid for binani cement the hindu businessline. Binani industries had moved the nclat against the resolution professional of binani. Binani cement factory llc bcf, uae company information. The race for binani cements has turned into a test case with lawsuits filed at nclt by all key stakeholders the promoter, the highest bidder.
Check for a complete historical background of binani industries ltd. The move is intended to block lenders decision to hand over binani to dalmia bharat. Get uptodate business information, contact details, latest news and press releases and people contacts on zawya mena edition. Binani cement limited was admitted under insolvency and bankruptcy code 2016 as per the nclat order dated 14112018, binani cement limited became wholly own subsidiary of ultratech cement limited. For binani cement, amitabh bachchan is a big burden the. Ultratech cement sees no cci hurdle in binani cement deal. Binani cement reported annual revenue of rs 1,535 crore for the year 2016 with a total net loss of rs 348 crore. For binani cement, amitabh bachchan is a big burden. Dalmia bharat has sought the central vigilance commissions cvc intervention in the binani cement bankruptcy proceedings, arguing that.
The appellate tribunal was hearing a petition filed by binani industries, which holds over 90% in binani cement. In a twist to the auctioning of binani cement, aditya birla groups ultratech cement on monday said it will buy the defaulters stressed assets by providing rs 7,266 crore to its. The ad is in lines with the tagline of binani cement sadiyon ke liye. Displaying categorized search results for binani cement advance search news. No violation in rs 7,266 crore bid for binani cement under. Rakesh jhunjhunwala joins forces with radhakishan damani. An investor group backed by bain capital is poised to win a bid for indias binani cement ltd. What had prompted bil to approach the sc was an offer made to it by the aditya birla grouppromoted ultratech cement to buy a 98. Ultratech cement, which lost out to a dalmia bharat led consortium in bidding for binani cement, has made yet another improved offer thats worth rs 7,990 crore, up rs 700 crore from the last one, said two senior officials who did not want to be named. Generally, an ebook can be downloaded in five minutes or less. Ultratech cement ltds rs7,950 crore bid to acquire binani cement ltd has received nearunanimous backing from lenders to the distressed building material maker even as a legal battle. With this, the difference between the offer by dalmia group and ultratech has widened to rs 1,290 crore. Binani cement sadiyon ke liye in an all new avatar. With binani becoming its whollyowned subsidiary, ultratech has now reached a capacity of more than 116 mt and has further strengthened its presence in the western market of rajasthan.
Binani cement share price, binani cement stock price, binani cement ltd. He said ultratech agreed to issue comfort letter to provide rs 7,266 crore in return for 98. The supreme court on monday directed the committee of creditors coc of binani cement ltd to proceed with its debt resolution process but said the same would be subject to the final. Ultratech closes in on binani cement times of india. The move appeared to catch binani cement s lenders and dalmia off guard especially after the vote last week by lenders in favour of. Presentation of binani cement free download as pdf file.
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