The committee of creditors (CoC) of bankrupt Binani Cement on Wednesday issued a letter of intent (LoI) to Aditya Birla Group’s UltraTech Cement for acquisition of the cement company under the Insolvency and Bankruptcy Code (IBC) process.
The move follows Monday’s meeting, at which CoC voted in absolute majority in favour of the revised resolution plan submitted by UltraTech, which has offered to pay around Rs 7,960 crore for the debt-laden cement maker.
“As the company has already received the CCI (Competition Commission of India) approval, the resolution plan is now subject to the approval by NCLT,” UtlraTech Cement said in a stock exchange filing on Wednesday. The company said that the acquisition of Binani Cement (BCL) would provide it access to large reserves of high-quality limestone and increase its presence in the country. FE