Rakesh Jhunjhunwala and D-Mart promoter Radhakishan Damani are in race for Binani Cement, according to reports.
Report says that Dalmia Bharat partnered Ajay Piramal to bid for Binani Cement.
Various cement majors such as UltraTech, Heidelberg, the JSW Group, Dalmia Bharat and Ramco Cements are also in the race to acquire the assets of the debt-ridden company.
Earlier JSW Cement Ltd, a part of Sajjan Jindal’s $11 billion JSW Group, will partner with a global private equity (PE) player to bid for debt-laden Binani Cement on Monday.
Binani has debt of around INR 4,500 crore.
Binani Cement Limited, a key leader in the Indian cement industry, is Braj Binani Group’s flagship subsidiary. Established in the year 1997, the company began operations in Binanigram, Rajasthan, India. The production capacity in India is currently placed at 6.25 MTPA and 70 MW captive power plants with plans to expand the market footprint soon. We manufacture and market “Ordinary Portland Cement” (OPC) and Pozzolana Portland Cement (PPC) better known by the brand name “Binani Cement.”
Binani Cement Limited, has an asset value of about Rs.1874 Crore. and a turnover of approximately Rs.1872 Crore.