Binani Industries was an Indian multinational company with interests in cement, zinc, and glass fiber. Here's some key information:
Core Business: The company was heavily involved in the production and sale of cement through its Binani Cement subsidiary. They also had operations in zinc and glass fiber.
Financial Troubles: Binani Industries faced significant financial difficulties, leading to insolvency proceedings.
Insolvency and Acquisition: The company underwent insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) of India. Ultimately, UltraTech Cement acquired Binani Cement after a protracted legal battle.
UltraTech Cement: This is the acquiring company.
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