JSW Cement has emerged as the highest bidder for Binani Cement, with Indian lenders not taking any haircut on their debt.
According to a source close to the development, JSW Cement’s offer of approximately Rs 60 billion was better than its nearest rivals Ultratech Cement and Piramal-Bain stressed asset fund.
According to a source close to the development, JSW Cement’s offer of approximately Rs 60 billion was better than its nearest rivals Ultratech Cement and Piramal-Bain stressed asset fund.
Mumbai-based billionaire stock brokers Rakesh Jhunjhunwala and Radhakishan Damani also made a joint bid for the firm and offered to match competitive bids. JSW Cement, which currently has 11.6 million tonnes per annum (MTPA) capacity, would double its capacity with the acquisition if banks accept its offer. "Binani Cement has