Binani Cement sale attracts multinationals and local producer interest

Binani Cement has attracted interest of as many as 15 bidders, say senior officials at the comapny, including CRH, Lafarge and Heidelberg Cement as well as local players India Cement, Orient Cement, Ramco Cement, Shree Cement, UltraTech and Piramals.

The Bank of Baroda  referred the Binani Cement, a subsidiary of Binani Industries, to the National Company Law Tribunal in July after it failed to repay a INR970m (US$14.9m) loan.

Bidders for the company will provide a binding bid with a detailed resolution plan that would involve acquiring equity and recasting the debt by 22 December, reports The Economic Times.

Binani has a manufacturing capacity of 11.25Mta with integrated plants in India and China, and grinding units in Dubai, UAE.