Binani Cement is currently undergoing a corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 (IBC). Photo: BloombergNew Delhi: The Competition Commission of India (CCI) on Wednesday unconditionally approved the proposed acquisition of Binani Cement Ltd by Rajputana Properties, subsidiary of Dalmia Bharat Cement Ltd.Binani Cement is currently undergoing a corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 (IBC). This is the first transaction to be notified to the CCI involving the acquisition of a corporate debtor under the insolvency code. The race for Binani Cement saw Dalmia Bharat Cement Ltd and UltraTech Cement Ltd as the top two contenders, submitting nearly identical bids. Binani Cement is part of the Braj Binani Group and is a subsidiary of Binani Industries Ltd (BIL).

Source: Mint March 07, 2018 17:15 UTC