Displaying items by tag: Dalmia Bharat

India: UltraTech Cement is querying the National Company Law Tribunal (NCLT) why its bid for Binani Cement had been rejected. The auction for the bankrupt Binani Cement was won by a consortium consisting of Dalmia Bharat and Bain Capital’s India Resurgent Fund and Piramal Enterprises, according to the Business Standard newspaper. UltraTech Cement is questioning how the bid selection process was conducted.

Although JSW Cement won the first round of bidding, the NCLT decided to ask for more bids. Bidders were then informed that their bids would be assessed using a weighted system that would consider each company’s background, experience and upfront cash to be paid to the secured lenders.

India: Dalmia Bharat Cement and UltraTech Cement have each submitted bids of around US$930m for Binani Cement. The amount also includes upfront cash payments, as well as an offer of close to 20% stake in Binani to lenders, according to sources quoted by the Hindustan Times. A winning bid is expected to be chosen by the end of February 2018.

Both bidders have been asked for additional details related to their bid to allow the creditors to make their final decision. UltraTech Cement, for example, has been asked to provide information on a Competition Commission of India (CCI) penalty imposed upon it in 2016.

India: Dalmia Bharat is the frontrunner to buy Kalyanpur Cement following an auction for the Bihar-based cement producer. The bidding process follows a debt resolution plan for Kalyanpur Cement, according to the Economic Times. Dalmia Bharat’s winning bid has been submitted by the creditors to the Kolkata bench of the National Company Law Tribunal for approval.

Kalyanpur Cement owes more than US$94m to its creditors and its was declared bankrupt in May 2017. It operates a 1Mt/yr cement plant at Banjari.

India: Dalmia Bharat has appointed Sanjeev Gemawat as its company secretary. He succeeds Nidhi Bisaria who has resigned. Gemawat has worked for Dalmia Bharat as an executive director (legal) since 2016. Previous to this he worked for DLF Group, JCB India and Modicorp amongst other companies. A trained accountant, he is a member of the Chartered Accountants of India.

India: Ingo Gruber has been appointed the Executive Director, Manufacturing and Technology, of Dalmia Bharat Group’s refractories business. Gruber will be responsible for four manufacturing plants in India, one in China and the India Technology Centre.

Gruber joins Dalmia Bharat after spending 25 years in international refractory markets with experience in manufacturing, technology and process improvement. He also brings knowledge in manufacturing and technology integration strategies during mergers and acquisitions. Previously, Gruber held various leadership roles at RHI and its group companies across Europe.

The Refractory business of Dalmia Bharat Group comprises two specialty companies: OCL Refractories and Dalmia Refractories. Established in 1954 as a unit of OCL India, OCL Refractories is a leading refractory supplier to domestic and international steel plants. Set up in 1959, Dalmia Refractories, previously Shri Nataraj Ceramics and Chemical Industries, specialises in high alumina refractory bricks for the Indian cement industry.