UltraTech’s task now is to sell Binani’s assets
Market estimates the sale may bring it nearly half of the ?7,900 crore it paid for Binani UltraTech Cement, an Aditya Birla Group company, will have to be mindful of country specific regulations and seek consent of joint venture partners as it looks to sell the associated global assets it inherited with the recent acquisition of Binani Cement in an insolvency-driven process. The global assets that UltraTech plans to sell include the Binani 3B - the Fibreglass Company, with plants in Europe and Goa; a three-million tonne per annum (mtpa) joint venture cement plant in China; and a 2.5 mtpa grinding unit in the UAE. Binani Cement owned a 90 per cent stake the China JV and 49 per cent in the UAE venture.
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