Edition:
India

Ultratech Cement Concludes In-Principle Commercial Understanding With Binani Industries


Monday, 19 Mar 2018 

March 19 (Reuters) - Ultratech Cement Ltd ::CO IN-PRINCIPLE CONCLUDED COMMERCIAL UNDERSTANDING WITH BINANI INDUSTRIES FOR PURCHASE OF 98.43 PERCENT STAKE IN BINANI CEMENT.BINANI INDUSTRIES APPROACHED CO TO ARRANGE FUNDS TO PAY-OFF LENDERS DEBTS AGAINST OFFER OF SALE OF ENTIRE BINANI CEMENT SHAREHOLDING.BINANI INDUSTRIES REQUESTED CO TO ISSUE COMFORT LETTER AS SUPPORT IN APPLICATION SEEKING TERMINATION OF INSOLVENCY PROCEEDING.CO WILL PROVIDE FUNDS WORTH 72.66 BILLION RUPEES FOR ACQUIRING BINANI CEMENTS. 

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