Insolvency: UltraTech keeps options open for Binani Cement takeover

UltraTech paid Rs 6.52 bn to the lenders after they issued it Letter of Intent

UltraTech Cement is keeping its options open regarding Binani Cement’s stressed assets, on other than the legal insolvency process.

This is despite it becoming the new H1 bidder under the law’s framework, replacing the Dalmia Bharat-led consortium, for a takeover.

The Aditya Birla Group company has deposited Rs 6.52 billion with the lenders, sources told Business Standard. This was after the Committee of Creditors (CoC) to the insolvent entity had issued it a Letter of Intent (LoI). Yet, noted the sources, it had previously financed the directors of Binani Cement when they sought an out-of-court settlement with the lenders.

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