New Delhi : The Competition Commission has cleared UltraTech Cement’s bid to acquire Binani Cement, pursuant to the insolvency proceedings.
UltraTech last week said it will buy debt-laden Binani Cement’s stressed assets by providing Rs 7,266 crore to its parent company, Binani Industries. “The company has received approval from the Competition Commission of India (CCI) with respect to its bid for Binani Cement (BCL),” UltraTech said in an exchange filing.
The CCI in a tweet on Wednesday said it has not found any “appreciable adverse effect on competition (AAEC) in respect of UltraTech Cement’s proposed acquisition of 100 per cent shares of Binani Cement.”
UltraTech’s offer came days after rival Dalmia Cement said its Rs 6,350 crore bid to buy BCL has been accepted by the lenders. Binani Industries (BIL), the promoter firm of BCL, had approached UltraTech for arranging funds to pay off the lenders.
