UltraTech Cement today said it has entered into an agreement with Binani Industries to buy 98 per cent stake in its debt ridden subsidiary Binani Cement Ltd (BCL) which is going through insolvency proceedings. In a filing to the stock exchange, UltraTech said it will issue a comfort letter to provide Rs 7,266 crore to Binani Industries Ltd for ending insolvency proceedings against Binani Cement.
The company has in principle concluded commercial understanding with Binani Industries Ltd (BIL) for purchase of 98.47 per cent of the shareholding of BCL subject to termination of IBC proceedings, UltraTech Cement said in a stock exchange filing. It added that the companys board has agreed to issue the comfort letter confirming that the compan…
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