Binani acquisition: Resolution cost for takeover process exceeds Rs 1 bn

Currently, out of 11.25 mt per annum installed capacity, Binani Cement's plants are rolling out 0.24 mt of cement every month

As the battle for the acquisition of Binani Cement rages on, with around 14 petitions submitted by stakeholders at the National Company Law Tribunal’s (NCLT’s) Kolkata Bench, the resolution cost for the takeover process has exceeded Rs 1 billion.

Sources told Business Standard Rs 1.1 billion had been allotted for the takeover process. Of this, Edelweiss Asset Reconstruction Company (ARC), the largest lender to Binani Cement, has given a short-term loan of Rs 850 million while the rest of the funding for interim financing is being done from internal accruals. 

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