To beat Bain-led consortium, UltraTech raises bid for Binani to Rs 66 bn

UltraTech, India's biggest cement maker, has approached the National Company Law Tribunal and the matter will be heard on March 19

UltraTech Cement Ltd. has increased its bid for Binani Cement Ltd. in an email to the resolution professional overseeing the company’s bankruptcy proceedings as it tries to beat a consortium backed by Bain Capital that’s in the lead.

The company has raised its offer to about Rs 66 billion ($1 billion) from about Rs 62 billion earlier, Chief Financial Officer Atul Daga said in an interview on Wednesday. UltraTech, controlled by billionaire Kumar Mangalam Birla, is competing with the consortium led by Dalmia Bharat Ltd., which has been chosen as the highest bidder. Vijaykumar Iyer of Deloitte Touche Tohmatsu India