For now, its advantage Ultratech in the battle for Binani Cement. By getting the ousted promoters and unsecured lenders on its side and putting more money on the table, the Aditya Birla group company has convinced the Kolkata bench of National Company Law Tribunal (NCLT) to give it a second chance. The NCLT on Tuesday asked the parties promoters of Binani Cement, Ultratech Cement, the creditors, and Dalmia Bharat, to explore an out-of-court settlement. Next week, the parties are likely to get back to the tribunal with their decisions.
The target
Binani Cement, a subsidiary of listed Binani Industries, has become a coveted asset due to two reasons. First, it has 165 million tonnes of limestone reserves (expected to last for 35 years). …
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