 "Stake sale, Bidding")
The cash-rich Piramal Group is in the race to buy controlling stakes in Binani Cement and Electrosteel Steels after their lenders asked India’s top conglomerates to bid for distressed assets that have been referred to the National Company Law Tribunal (NCLT) following default on bank loans.
The distressed asset fund of the Piramal Group would make the bids and had sought data from the lenders on the two companies, said a source close to the development.
The NCLT had, in July, admitted a petition against unlisted Binani Cement for insolvency proceedings after the company defaulted on a Rs 97-crore loan
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