India's UltraTech Cement gets competition regulator's nod for Binani bid

BIL Vyapar

28/03/2018 11:50

March 28 (Reuters) - India's top cement maker UltraTech
Cement Ltd  ULTC.NS , part of the Aditya Birla conglomerate,
said https://www.bseindia.com/xml-data/corpfiling/AttachLive/9331b37b-a5c0-43d6-bbc3-6eef6c575d43.pdf
 the Competition Commission of India (CCI) approved its $1.1
billion bid to buy Binani Industries Ltd's  BINZ.NS  cement
unit.
    UltraTech offered on March 19 to buy Binani Cement Ltd, days
after a group comprising cement maker Dalmia Bharat  DALA.NS 
and a fund backed by Bain Capital and India's Piramal
Enterprises  PIRA.NS  said its bid for Binani Cement had won
approval from the company's panel of creditors.  urn:newsml:reuters.com:*:nL3N1R14LV
    The bidding process for Binani Cement was overseen by
India's National Company Law Tribunal (NCLT), which deals with
insolvency and company disputes. 

 (Reporting by Vishal Sridhar in Bengaluru; Editing by Amrutha
Gayathri)
 ((Vishal.Sridhar@thomsonreuters.com; +91 80 6749 4338; Reuters
Messaging: vishal.sridhar.thomsonreuters.com@reuters.net))