March 28, 2018 / 11:02 AM / a month ago

UltraTech Cement gets competition regulator's nod for Binani bid

(Reuters) - India's top cement maker UltraTech Cement Ltd, part of the Aditya Birla conglomerate, said here the Competition Commission of India (CCI) approved its $1.1 billion bid to buy Binani Industries Ltd's cement unit.

Workers walk in front of an UltraTech concrete mixture truck at the construction site of a commercial complex in Ahmedabad April 22, 2013. REUTERS/Amit Dave/Files

UltraTech offered on March 19 to buy Binani Cement Ltd, days after a group comprising cement maker Dalmia Bharat and a fund backed by Bain Capital and India’s Piramal Enterprises said its bid for Binani Cement had won approval from the company’s panel of creditors.

The bidding process for Binani Cement was overseen by National Company Law Tribunal (NCLT), which deals with insolvency and company disputes.

Reporting by Vishal Sridhar in Bengaluru; Editing by Amrutha Gayathri

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