Binani cement had approached Ultra Tech for arranging funds to pay off the debts in exchange for selling its cement arm. Close associates of Ultra Tech revealed that it had entered into an agreement with Binani industries to buy its cement arm for Rs 7,266 crore for 98.43 per cent stake.
The decision is reportedly aimed at blocking lenders decision to hand over Binani to Dalmia Bharath. The holdings of this distressed firm is considered as India’s largest cement maker unit for which Amitabh Bacchan was seen as its brand ambassador.
Ultra Tech is owned and controlled by billionaire Kuma Mangalam Birla