True North's learning curve: A failed IBC bid brought cementing of deals

Losing a bid For Binani Cement led the PE firm to other wins in cement

When private equity (PE) investor True North threw its hat into the ring to bid for Binani Cement as part of a consortium that included JSW Group, it had no idea the process would become as convoluted as it finally did.

Effectively, Kumar Birla-led UltraTech Cement was the highest bidder but its late submissions caused Binani -- one of the more coveted assets referred to the National Company Law Tribunal under the new Insolvency and Bankruptcy Code -- to be referred to the Supreme Court. The law eventually upheld the sale to Birla and True North lost the deal.

However, what it