Photo: BloombergMumbai: Dalmia Bharat Cement Ltd on Tuesday emerged the winner for troubled Binani Cement Ltd, beating India’s largest cement maker UltraTech Cement Ltd which had put in a nearly identical bid. Mint had reported on 19 February that Dalmia Bharat and UltraTech had submitted nearly identical bids. According to the resolution plan, Binani Cement will be kept as a separate entity until the restructuring is completed. Binani Cement is a subsidiary of Binani Industries Ltd (BIL), a part of the Braj Binani Group. Binani Cement has an integrated plant in Sirohi Rajasthan which will help Dalmia Bharat Cement to strengthen its foothold in western India.

Source: Mint February 27, 2018 19:41 UTC