NEW DELHI, March 16, 2018 /PRNewswire/ --
Sufficing the interest of all stakeholders involved The Committee of Creditors ("CoC") of Binani Cement Limited ("BCL"), constituted in accordance with the provisions of the Insolvency and Bankruptcy Code 2016 ("Code"), has approved the Resolution Plan ("RP"), for revival of the company. The Resolution Plan of the Company has received almost 100% approval of CoC members.
(Logo: http://photos.prnewswire.com/prnh/20150202/10115525 )
The CoC of BCL has recommended the Resolution Plan to National Company Law Tribunal (NCLT) for its requisite approval.
BCL's acquisition is the first billion-dollar transaction at the bankruptcy court where all secured financial creditors are being 100% of their verified claims and the fastest resolution in a record period of 233 days. This transaction meets Dalmia Bharat's disciplined investment criteria achieved through formation of joint venture (50:50) with India Resurgence Fund (backed by Piramal & Bain). This is the first ever deal in which a foreign PE investor invested under the IBC.
BCL along with its subsidiaries, is having a global cement capacity of 11.25 million tonnes ("MnT") with capacity in Rajasthan, India at 6.25 MnT and overseas operations include a grinding unit in Dubai of 2 MnT and clinker facility of 3 MnT along with a 0.5 MnT of grinding unit in China. Binani Cement was referred to the National Company Law Tribunal (NCLT) on 25th July, 2017 under the provisions of the IBC.
This is the third cement company under the IBC code where Dalmia Bharat Group has received a decisive mandate, following Kalyanpur Cements Limited in January, 2018 and Murli Industries Limited in December, 2017.
It is noteworthy that Resolution Professional and CoC have carried out the resolution process in the most effective and expeditious manner.
Dalmia Bharat Limited
Dalmia Cement (Bharat) Limited (DBL) (BSE Code: 533309|NSE Symbol: DALMIABHA and listed in NSE) is a leading player in cement manufacturing since 1939. It is one of the largest and most diverse cement companies in India and is the world's greenest cement company with lowest carbon footprint. With a growing capacity currently pegged at 25 MnT, Dalmia Bharat Cement is also the fourth largest manufacturing capacity in the country. Spread across 8 states and 11 manufacturing units, the company is also the category leader in super-speciality cement used for oil wells, railway sleepers and airstrips and is the country's largest producer of slag cement. Visit us at http://www.dalmiacement.com .
Media Contacts:
Dalmia Bharat
Rashika Kaul
Head, Corporate Communications
Email: [email protected]
M: +91-98734-11525/+91-011-43631285
Share this article