Cement News tagged under: Binani Cement
UltraTech31 January 2019, Published under Cement NewsUltraTech has posted a 19 per cent YoY increase in its net sales in 3QFY19 with consolidated sales coming in at INR92,580m (US$1.29bn), compared to INR77,790m in 3QFY18. Over the same period, profits before interest, depreciation and tax advanced by almost four per cent from INR14,940m to INR15,480m. Meanwhile, net profit came in at INR3940m, versus INR4560m in 3QFY18. Over the 3QFY19, the company saw its domestic sales volume advance by 15 per cent YoY. However, higher fuel and energy co... |
Binani Cement changes name following acquisition14 December 2018, Published under Cement NewsBinani Cement has announced that it will be changing its name to UltraTech Nathdwara Cement Ltd, following the company’s acquisition by UltraTech on 20 November. UltraTech Cement’s capacity in the northern region will be enhanced to 24Mta, with the producer expected to become one of the strongest in the market. |
Dalmia Bharat looks to expand into northern India26 November 2018, Published under Cement NewsIndia’s Dalmia Bharat has reportedly secured mining rights near Chittorgarh, Rajasthan, and could be planning to construct a 4Mta plant over two phases in the area, according to the Business Standard. The move would mark the company’s entry into the northern market, a region abundant with natural resources. Rajasthan has an estimated limestone reserve of 21,659mt, 12 per cent of the country’s total. It also follows the company’s unsuccessful attempt to acquire Binani Cement, which would ha... |
Dalmia Bharat Group to challenge NCLAT ruling15 November 2018, Published under Cement NewsDalmia Cement (Bharat) Ltd has petitioned the Supreme Court, challenging the appellate tribunal's ruling to support UltraTech's plan for Binani Cement over the latter's acquisition by Dalmia Bharat Group. The matter is now due for a special hearing on Monday 19 November. The National Company Law Appellate Tribunal (NCLAT) ruled that approval had been given to UltraTech's acquisition of Binani for INR79,500m (US$1.1bn). Despite the legal challenge, Dalmia Cement (Bharat) is not about to mat... |
UltraTech's bid for Binani approved by NCLAT14 November 2018, Published under Cement NewsA bid submitted by India’s UltraTech Cement to acquire Binani Cement has received approval from the National Company Law Appellate Tribunal (NCLAT). A two-member bench of NCLAT, headed by Chairman Justice S J Mukhopadhaya, approved the company’s resolution plan and said that the plan submitted by Dalmia Bharat’s Rajputana Properties was “discriminatory” against some financial creditors, according to the Press Trust of India. |
UltraTech Cement26 March 2018, Published under Cement NewsThe tug of war between UltraTech and Dalmia Cement over who gets to buy Binani Cement has intensified even further this month. At the end of February, Dalmia claimed to have won the battle with its bid of INR67bn (US$1.03bn), followed earlier this month with the reported approval of the bid by the committee of creditors. But UltraTech upped the stakes even further last week with a new bid of INR72.66bn in return for a 98.43 per cent stake in Binani. UltraTech even agreed to supply a ‘comf... |
UltraTech announces new bid for Binani Cement20 March 2018, Published under Cement NewsUltraTech Cement announced its intention to take over Binani Cement on Monday, with an offer of INR72.66bn (US$1.11bn). The new offer follows Dalmia Cement's claim that its INR63.50bn bid had been accepted by lenders last week. UltraTech's board has agreed to supply a 'comfort letter' guaranteeing the INR72.66bn in return for a 98.43 per cent stake in Binani Cement, according to DNA Money. Binani Industries and UltraTech have previously commented on the secrecy of the bidding process, ... |
Dalmia Bharat-led bid approved by lenders09 March 2018, Published under Cement NewsLenders to the bankrupt Binani Cement have decided that a a Dalmia Bharat-led bid would be allowed, thereby overruling the objections of UltraTech Cement. The offer fulfilled all of the conditions and hence there is no reason to block it, reports a source for The Economic Times. At a meeting held in Mumbai on Wednesday, the lenders involved decided to seek the approval of their respective boards on the Dalmia-Bain bid, where it was also revealed that Dalmia had received CCI approval for t... |
UltraTech seeks clarity on Binani Cement bidding process07 March 2018, Published under Cement NewsUltraTech 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, cl... |
Dalmia Bharat wins bid for Binani28 February 2018, Published under Cement NewsDalmia Bharat Cement Ltd won the bid for Binani Cement on Tuesday, despite UltraTech Cement submitting an almost identical offer. The panel supervising the insolvency proceedings of Binani approved Dalmia’s resolution plan, which was backed by the Bain Piramal Resurgence Fund. Dalmia is expected to invest INR67bn (US$1.03bn) in Binani over a period of time. It has been alleged that UltraTech missed the opportunity due to concerns raised about penalties issued by the Competition Commissi... |