Bi­nani Ce­ment now arm of Ul­traTech

India Business Journal - - CORPORATE -

Ul­traTech Ce­ment cleared all dues owed to cred­i­tors of Bi­nani Ce­ment last month and took pos­ses­sion of the lat­ter's units in In­dia, UAE and China. The board of di­rec­tors of Bi­nani Ce­ment has been re­con­sti­tuted, with the com­pany now a whol­ly­owned sub­sidiary of Ul­traTech, the lat­ter has in­formed the Bom­bay stock ex­change. This fol­lows the Supreme Court's rul­ing last month, which ap­proved Ul­traTech's res­o­lu­tion plan in this re­gard. It had dis­missed the ri­val con­tention from Ra­jputana Prop­er­ties, a Dalmia Bhara­tled con­sor­tium, which had chal­lenged the selec­tion of Ul­traTech's by the NCLAT. The NCLAT had okayed Ul­traTech's of­fer of

Rs 7,950 crore, dis­miss­ing Ra­jputana Prop­er­ties' Rs 6,932-crore of­fer.

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