UltraTech announces new bid for Binani Cement

UltraTech Cement announced its intention to take over Binani Cement on Monday, with an offer of INR72.66bn (US$1.11bn). The new offer follows Dalmia Cement's claim that its INR63.50bn bid had been accepted by lenders last week.

UltraTech's board has agreed to supply a 'comfort letter' guaranteeing the INR72.66bn in return for a 98.43 per cent stake in Binani Cement, according to DNA Money.

Binani Industries and UltraTech have previously commented on the secrecy of the bidding process, with Binani’s senior advisor stating that it had sought to withdraw itself from the bankruptcy proceedings as the process was not transparent.