Dalmia Bharat, which offered Rs6,350 crore for Binani Cement’s assets, has claimed in its petition that UltraTech Cement raised its offer after being outbid. “A lot of apprehensions were raised by the resolution professional about UltraTech obtaining CCI clearance,” the company said in its statement. The two companies announced on 19 March that an agreement had been concluded under which Binani Industries would sell its 98.43% stake in Binani Cement to UltraTech for Rs7,266 crore. Dalmia Bharat, which offered Rs6,350 crore for Binani Cement’s assets, has claimed in its petition that UltraTech raised its offer after being outbid. On Tuesday, the Kolkata bench of the tribunal asked the counsel for the committee of creditors if the lenders are willing to consider UltraTech’s bid for Binani Cement.

Source: Mint March 28, 2018 20:37 UTC