Dalmia Bharat consortium submits highest bid for insolvent Binani Cement
Mumbai — An investor group led by Dalmia Bharat with backing from Bain Capital submitted the highest bid for India’s Binani Cement, which is being sold under the country’s insolvency process, people with knowledge of the matter said. The Dalmia Bharat consortium made a final offer of more than 63-billion rupees ($981m), according to the people, who asked not to be identified because the information is private. That topped the proposal from Indian billionaire Kumar Mangalam Birla’s UltraTech Cement, which bid just above 62-billion rupees, the people said. While Dalmia Bharat offered the most money, there’s no certainty its bid will be selected as the best offer, according to the people. UltraTech, which is India’s biggest cement manufacturer, scored higher on some other evaluation criteria, the people said. A decision on the winning bidder could be made within the next week, one of the people said. A new Indian bankruptcy law designed to clear out distressed assets has set off a cont...
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