ULTRATECH.BO - UltraTech Cement Limited

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  • UltraTech offers to buy Binani Cement, tests India's new bankruptcy law
    Reuterslast month

    UltraTech offers to buy Binani Cement, tests India's new bankruptcy law

    India's top cement maker UltraTech Cement Ltd on Monday offered $1.1 billion to buy Binani Cement Ltd days after a rival bid in what could be a test case for the country's fledgling bankruptcy process. UltraTech, part of the Aditya Birla conglomerate, said Binani Cement's parent Binani Industries was seeking termination of the insolvency proceedings against the cement unit and had approached UltraTech to arrange funds for paying-off bank debts and other liabilities.

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