Construction Industry News
Aditya Birla group company UltraTech Cement has acquired the cement grinding assets of Burnpur Cement in Jharkhand for Rs 169.79 crore. The company has acquired 0.54 million tonnes of cement grinding assets from Burnpur Cement, located at Patratu in Jharkhand.
The acquisition was carried out for Rs 169.79 crore in terms of the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) Act, 2002 read with the Security Interest (Execution) Rules of 2002. Investment marks the company's entry into Jharkhand.
With this, the company's capacity in India now stands at 133 million tonnes per annum.
Last year, the state-run Punjab National Bank (PNB) had sought quotes from asset reconstruction companies (ARCs) to recover outstanding loans of over Rs 50 crore for loss-making Burnpur Cement.
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