By way of a 7 March 2018 order, the Competition Commission of India (CCI) has unconditionally approved the proposed acquisition of Binani Cement Ltd by Rajputana Properties, a subsidiary of Dalmia Bharat Cement Ltd. This is the first transaction to be notified to the CCI involving the acquisition of a corporate debtor under the Insolvency and Bankruptcy Code 2016. The transaction was cleared by the CCI within 13 working days of it being filed. The race to acquire Binani Cement saw Dalmia Bharat Cement Ltd and UltraTech Cement Ltd emerge as the top two contenders, with both submitting nearly identical bids of around Rs6.5 billion.(1)
Meanwhile, Ultra Tech, which had also filed a detailed notice (Form II) before the CCI, has also obtained CCI clearance.(2)
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