Deadline for bidding on Binani Cement extended

The deadline for bidding on Binani Cement, which is currently undergoing the bankruptcy process, has been extended until 15 January 2018, reports DNA India. The Rajasthan-based company has attracted a large number of bids and is taking potential investors to visit its plant in Dubai. 

The company owes banks approximately INR40bn (US$631m) with the total amount owed to lenders reaching about INR70bn. Although, due to the heightened interest in the company, banks are expecting to achieve over 100 per cent recovery.

The company has a total manufacturing capacity of 11.25Mta with facilities around the world, including a 6.25Mta cement plant in Rajasthan, an integrated plant in China and grinding units in Dubai, UAE.