UltraTech seeks clarity on Binani Cement bidding process

UltraTech has approached the National Company Law Tribunal (NCLT) in Kolkata, seeking clarity on the evaluation of bids for Binani Cement, according to India Info Online. Dalmia Bharat outbid the company by approximately INR1bn (US$15.39m) to eventually win the assets. However, it has been reported that parameters such as the company’s background, experience and ability to pay upfront cash to secured lenders were taken into account.

Binani Industries (BIL) has also petitioned the NCLT, claiming that the assets of Binani Cement were valued lower than the estimated valuations. BIL holds its valuation to be INR172.94bn, against Dalmia’s bid of INR63.5bn.

UltraTech investment limit
Elsewhere, UltraTech Cement has announced that the Reserve Bank of India is increasing the Foreign Portfolio Investors (FPIs) investment limit in the company to 40 per cent from 30 per cent of its paid-up capital.