UltraTech Cement Ltd. has signed an in-principle pact with Binani Industries Ltd. to buy its holdings of a distressed unit as Indias largest cement maker attempts to beat out a Bain-backed consortium, which earlier made the winning bid in ongoing bankruptcy proceedings.
UltraTech, controlled by billionaire Kumar Mangalam Birla, said it had agreed to pay 72.7 billion rupees ($1.1 billion) for a 98.43 percent stake in Binani Cement Ltd. subject to termination of the insolvency proceedings that are underway, according to an exchange filing. The Dalmia Bharat Ltd. group, backed by Bain Capital Credit and Ajay Piramals Piramal Enterprises Ltd., had secured support for a panel of creditors for its resolution plan last week.
The lat…
Read the full article at: https://www.bloomberg.com/news/articles/2018-03-19/birla-offers-1-1-billion-to-grab-binani-from-bain-backed-group
