Binani Cement on Wednesday said its promoters will acquire all the shares held by public and delist the company from the stock exchanges.
Ultratech Cement's acquisition of a 23 per cent stake in Tamil Nadu-based India Cements is another instance of growing consolidation in the cement market in India. The deal will raise Ultratech's share, based on India Cements' revenues in FY24, in the domestic market by 230 basis points if the latter is formally acquired by the former in due course. India Cements' share was up 11.5 per cent on Thursday on market expectations of an open offer.
UltraTech currently has 19% market share with Shree Cement commanding 22% of the market
Of the top four companies, which collectively hold more than half of India's market share, two have pitted Shah Rukh Khan and Sunny Deol against each other.
During the 2009 edition of Vibrant Gujarat, Binani Cement had signed a MoU to set up a 2.5 mtpa cement plant and a ditto was signed during the on-going annual event of the state for attracting fresh investment.
They said that each firm may have a different, specific reason for making the move. Binani Cement was the first to announce the delisting plan and the other two firms followed shortly.
The acquisition of the debt-laden Binani has catapulted Birla-owned UltraTech to the top spot in India, leaving it free to turn attention to overseas market
He supervised and handled several major big ticket insolvency cases that includes Essar Steel, Bhushan Power & Steel, Bhushan Steel, Jaypee Infratech, ElectroSteel Steel, Binani Cement, Reliance Communications.
Piramal will join the JSW, Vedanta and Tata groups, which are bidding aggressively for distressed assets, especially in the infrastructure and steel sectors.
The financial year ending Saturday saw such big-ticket events that set the directional tone for the country's business journey.
The total admitted claim of financial creditors of these 88 companies stood at Rs 1.3 trillion, of which they recovered Rs 65,635 crore.
Uttam Galva Steels is a part of the Reserve Bank of India's second list of cases, which will be referred to the bankruptcy tribunal for insolvency proceedings after lenders failed to resolve the account by December 2017.
With average capacity utilisation now touching 76 per cent, Indian companies are going back to the drawing board to add capacity but the plans to build new factories and plants are still some months away.
Instead of the minority stake they held earlier, now they have controlling stake in many firms
Rooms at this Kolkata hotel are priced between Rs 7,000-8,000 per night. Gateway is a full-service upscale hospitality brand under the Taj Group of Hotels.
Vrde currently manages about $14 billion globally, and has invested nearly $500 million in India in the past five years
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
So far, among the IBC cases, SBI has been able to recover Rs 8,500 crore from Tata Steel's acquisition of Bhushan Steel. Another Rs 1,500 crore is in an escrow account on account of Electrosteel Steels.
'Power is always transitory, and you should be the same person whether you have it or not,' the head of the number one law firm in India tells Pavan Lall.
The endorsement career of India's megastar Amitabh Bachchan displays his relevance in diametrically opposite roles and product categories.
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