UltraTech Cement has received Competition Commission of India approval to acquire Binani Cement. The company was declared the second-highest bidder, behind Dalmia Bharat Cement, in the bidding for the stressed asset.
The Aditya Birla Group company claimed that a lot of apprehensions had been raised by the resolution professional on it being able to obtain CCI clearance on its bid for Binani Cement, whereas the regulator had cleared the deal on Wednesday.
“A lot of apprehensions were raised by the resolution professional about UltraTech obtaining the CCIBSE 0.00 % clearance, on its bid for Binani Cements. CCI have today cleared it,” said UltraTech in a statement on Wednesday.
Full Content: Economic Times
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