Cement News tagged under: Binani Industries

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UltraTech announces new bid for Binani Cement

20 March 2018, Published under Cement News

UltraTech 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, ...

How has Binani Cement ended up facing insolvency?

24 November 2017, Published under Cement News

The 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...

India: Dalmia Bharat and Shree Cement to battle for Binani Industries

07 February 2017, Published under Cement News

Dalmia Bharat and Shree Cement are among at least three companies that have expressed interest in buying Binani Industries’ subsidiary Binani Cement's 6.25Mta cement manufacturing capacity in India, according to Moneycontrol. "Dalmia Bharat and Shree Cement are interested. There's one MNC [multinational cement company] as well that has a large presence in India which is interested in buying," an official familiar with the development said. Both Dalmia Bharat and Shree Cement have used...

Binani Industries plans to sell 40% stake in cement arm, India

21 February 2013, Published under Cement News

Binani Industries in talks to sell up to a 40 per cent stake in its subsidiary Binani Cement to raise capital to cut debt and expand cement capacities. The company is said to be in talks with potential financial investors such as JP Morgan and state-owned funds, according to latest reports by the Economic Times.  Ernst & Young (E&Y), Braj Binani’s group banker for the transaction, has been in talks with prospective investors, two sources disclosed. In response, Sunil Sethy, executive v...