India: As many as 15 companies have shown interest in Binani Cement, which is facing bankruptcy proceeding from its lenders, according to senior officials quoted by India’s The Economic Times. Among them are Ireland-based CRH, Swiss-based LafargeHolcim and Germany’s HeidelbergCement, each of which have shown interest in response to initial bids called by the resolution professional. Other bidders include local firms India Cement, Orient Cement, Ramco Cement, Shree Cement, UltraTech Cement and Piramals. Senior officials said that a total of nine domestic players and three financial investors have shown interest in the company.
The bidders will provide a binding bid with a detailed resolution plan, which would involve acquiring equity and recasting the debt, by 22 December 2017. The bidders will have to provide plans to either acquire the company fully or acquire its assets only. Binani has a manufacturing capacity of 11.3Mt/yr, with integrated plants in India and China and grinding units in Dubai, UAE.