Dalmia Bharat is set to acquire the bankrupt Murli Industries, according to The Economic Times. The deal represents an investment of close to INR4bn (US$62.4m) by Dalmia. The company will also cancel almost the entire equity of Murli Industries.

Dalmia won the bid on Wednesday, despite Gajanan Oil submitting a higher cash offer.

Including interest and fines, Murli Industries had accumulated INR17bn in debt. Murli has an integrated cement plant with a capacity of 3Mta.