Binani Industries (BIL) has filed application for termination of insolvency resolution process of its debt-ridden subsidiary -- Binani Cement (BCL).
The company has received an offer from the Aditya Birla group firm UltraTech to transfer its 98.43 percent stake in BCL for Rs 7,266 crore.
However, the deal was subject to ending the insolvency proceedings against BCL, whose Credit of Creditors (CoC) led by Bank of Baroda has approved Rs 6,350 crore bid from Dalmia Bharat group's wholly-owned subsidiary , Rajputana Properties.
The business portfolio of Binani Industries includes sectors like cement, zinc, glass-fiber and downstream composite products.
