Cement News tagged under: Binani Cement
UltraTech and Dalmia Bharat highest bidders in Binani Cement deal19 February 2018, Published under Cement NewsUltraTech Cement and Dalmia Bharat-Bain Piramal Resurgence Fund consortium are leading the bids for Binani Cement, according to Indiainfoline. Both partieshave submitted bids of approximately INR60,000m (US$927.9m). For the final decision to be made by the creditors, both the bidders are asked to furnish additional details pertaining to their bids. In addition, UltraTech is required to provide information on a Competition Commission of India (CCI) penalty. In 2016, CCI imposed a penalty of ... |
JSW Cement to bid on Binani Cement15 January 2018, Published under Cement NewsJSW Cement Ltd will partner with a global equity firm to bid for Binani Cement, according to The Hindu BusinessLine. It is expected that as many as 11 industry players, including Ultratech and Dalmia, will submit a bid for the company which is currently undergoing the bankruptcy process. "There are a lot of bidders and this is going to get aggressive because nobody wants to leave these assets; we would not want to leave these assets," said Sajjan Jindal, managing director, JSW Group. ... |
Deadline for bidding on Binani Cement extended08 January 2018, Published under Cement NewsThe deadline for bidding on Binani Cement, which is currently undergoing the bankruptcy process, has been extended until 15 January 2018, reports DNA India. The Rajasthan-based company has attracted a large number of bids and is taking potential investors to visit its plant in Dubai. The company owes banks approximately INR40bn (US$631m) with the total amount owed to lenders reaching about INR70bn. Although, due to the heightened interest in the company, banks are expecting to achieve ov... |
UltraTech Cement27 November 2017, Published under Cement NewsUltraTech Cement is one of an estimated 15 companies expressing an interest in purchasing Binani Cement, an Indian cement producer facing bankruptcy. Part of the largest BRAJ Binani Group, Binani Cement is no insignificant player with 11.3Mta of production capacity across India, China and UAE. However, oversupply remains a challenge in India and bidders are now circling for this latest asset up for grabs. Along with UltraTech Cement, CRH, LafargeHolcim, HeidelbergCement, Orient Cement and... |
How has Binani Cement ended up facing insolvency?24 November 2017, Published under Cement NewsThe interest in the insolvency-stricken Binani Cement has been mounting since the summer and large investors are now lining up to bid for the portfolio of cement plants in India, China and UAE. But what went wrong for Binani Cement and who is set to gain? Debt burden catches up with Binani Cement In July 2017 the Kolkota branch of the National Company Law Tribunal (NCTL) admitted a petition against Binani Cement, a subsidiary of Binani Industries, for insolvency proceedings to start aft... |
Binani Cement sale attracts multinationals and local producer interest21 November 2017, Published under Cement NewsBinani Cement has attracted interest of as many as 15 bidders, say senior officials at the comapny, including CRH, Lafarge and Heidelberg Cement as well as local players India Cement, Orient Cement, Ramco Cement, Shree Cement, UltraTech and Piramals. The Bank of Baroda referred the Binani Cement, a subsidiary of Binani Industries, to the National Company Law Tribunal in July after it failed to repay a INR970m (US$14.9m) loan. Bidders for the company will provide a binding bid with a... |
Binani Cement insolvency petition by Bank of Baroda admitted by NCLT26 July 2017, Published under Cement NewsThe Kolkata bench of the National Company Law Tribunal (NCLT) on Tuesday admitted an insolvency petition against Binani Cement based on a referral by one of its lenders, Bank of Baroda, after the cement company failed to repay a sum of INR970m. Bank of Baroda has appointed Vijaykumar V Iyer of Deloitte India as the interim resolution professional (IRP) to oversee the insolvency process. According to a report by the Financial Express (India) the company owes a consortium of lenders cl... |
India: Binani Compat appeal dismissed18 January 2017, Published under Cement NewsIndia’s Competition Appelate Tribunal (Compat) has dismissed the appeal of Binani Cement seeking waiver of the direction to deposit with it 10 per cent of the total penalty amount which was imposed by Competition Commission in a cartelisation case. "Binani Cement has failed to substantiate its claim for review of our order dated November 28, 2016," Compat said. “[Binani Cement has] neither presented any fresh compelling or significant circumstances to justify review of our order nor point... |
Competition Commission of India imposes US$944m fine for cartelisation01 September 2016, Published under Cement NewsThe Competition Commission of India (CCI) has levied a fine of INR63.2bn (US$944m) on 10 cement companies whom it accuses of conspiring to fix prices in contravention of competition law. In addition, the Cement Manufacturers Association has been ordered to pay a INR7.3m fine. Of the 10 companies, four – Jaiprakash Associates, UltraTech, Ambuja Cements and ACC – will bear the brunt of the penalties, accounting for 76 per cent of the total fine. The other firms fined today are Lafarge, Cent... |
Plans to convert Binani Cement debt into equity09 November 2015, Published under Cement NewsLenders to India’s Binani Cement are planning to convert a total debt of INR30bn in the company to equity. The debt-to-equity conversion is being contemplated under the strategic debt restructuring (SDR) guidelines of the Reserve Bank of India (RBI). The consortium of 18 banks led by the Central Bank of India are looking at converting the debt to equity, giving lenders a majority stake. "The banks are contemplating whether they should first try and turn around the company," a banker told ... |