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UltraTech willing to pay Rs 7960 crore to take over Binani Cement

Ultratech Cement has now hiked its offer to Rs 7,960 crore from the previous Rs 7,266 crore. However, the revised offer has failed to impress many of the lenders of Binani Cement. The committee of creditors (CoC) had declared Dalmia Bharat group as the successful bidder and issued a letter of intent based on which part payment was also received. UltraTech filed an affidavit with the Kolkata Bench of the NCLT on April 16. The tribunal will resume hearing the case on April 17. Sources close to the lenders said after the Supreme Court judgment refusing an out of court settlement, the matter is back with the NCLT and the CoC is not keen on considering fresh proposals. Meanwhile, Dalmia Bharat has written to the Central Vigilance Commission and the RBI, asking for a probe into the alleged flouting of laws.

Read More at Business Standard News date : 17 Apr 2018, Tuesday

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