Dalmia Bharat subsidiary named resolution applicant for Bhilai Jaypee Cement
DALBHARAT · price
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On the reaction day the stock moved 0.2 pts less than Nifty Midcap 150 and 0.5 pts more than its Cement & Cement Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Dalmia Bharat's wholly-owned subsidiary Dalmia Cement (Bharat) Limited has been identified as the successful resolution applicant for Bhilai Jaypee Cement Limited (BJCL) under the CIRP process. The Committee of Creditors approved the resolution plan and a Letter of Intent was issued by the Resolution Professional. BJCL owns a 2.2 MnTPA grinding unit in Bhilai, Chhattisgarh and a 1.1 MnTPA clinker unit at Babupur, Madhya Pradesh. The transaction remains subject to NCLT Cuttack approval and other regulatory clearances.
Adds around 3.3 MnTPA cement capacity via subsidiary. Positive growth move, though NCLT and regulatory approvals are still pending.