Cement maker Dalmia Bharat is set to buy Bihar-based Kalyanpur Cement in a Rs 353 crore bid.
"Committee of Creditors (CoC) of Kalyanpur Cements (KCL) approved the proposed Resolution Plan (RP) for revival of KCL, submitted by our subsidiary Dalmia Cement (Bharat)," it said in a BSE filing.
The CoC recommended the same to the National Company Law Tribunal (NCLT) for its approval.
"Following receipt of the required approval, the RP provides for a payment of Rs 353 crore," it said.
KCL has a plant in Rohtas district having 1.1 MnT per annum and was operational till August 2017.
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