UltraTech Cement on Wednesday said that its board has approved a proposal to incorporate Binani Cement (BCL) as it a wholly-owned subsidiary.
The National Company Law Appellate Tribunal (NCLAT) last week had approved the revised bid of Aditya Birla group firm UltratTech Cement for debt-ridden Binani Cement.
“The board of directors of UltraTech at its meeting held on the November 19, has approved the proposal to form Binani Cement (BCL) into a wholly-owned subsidiary of UltraTech from the November 20,” it said in a statement.
UltraTech has acquired BCL’s plants totalling 6.25 MTPA (million tonne per annum) in Rajasthan, inclusive of an integrated cement unit and a split grinding unit at a value of Rs 8,024 crore.
“This acquisition gives the company access to superior quality limestone reserves. BCL’s subsidiaries in China and UAE stand transferred to UltraTech,” the company said.
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