KM BIRLA: Act in haste, repent at leisure
No doubt, Binani’s Cement plant in Rajasthan would help Ultratech consolidate and grow its capacity. Ultratech also has the financial heft to follow an inorganic growth path as testified by the acquisition of JP Associates’ cement assets. But it did bid for Binani Cement, and lost out to competitor Dalmia Bharat which made on offer of Rs 6350cr plus 20% equity for creditors.
Binani Industries backed by KM Birla-owned Ultratech had to eat the humble pie at the Supreme Court hearing in Binani Cement matter. Image source: Reuters