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UltraTech Cement on Thursday said it has changed the name of Binani Cement to UltraTech Nathdwara Cement Ltd after acquiring the debt-ridden company.
The National Company Law Appellate Tribunal had on November 14, 2018 approved the Rs 7,950 crore offer of UltraTech for the Rajasthan-based firm. “We write to inform you that Binani Cement Ltd is now ‘UltraTech Nathdwara Cement Ltd,” UltraTech Cement said in a regulatory filing to the exchanges.
The acquisition has provided UltraTech “immediate earnings with ready to use assets” which are operating at 50 per cent capacity utilisation. UltraTech Nathdwara Cement has an installed capacity to produce 6.25 million tonnes per annum (MTPA) cement and 4.59 MTPA clinker in Rajasthan.
UltraTech’s capacity in the North region will get enhanced to 24 MTPA and it would “become one of the strongest player in North market”, it added. Post acquisition, UltraTech Cement’s capacity in India has gone up to 94.75 MTPA from the exiting 88.5 MTPA.
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