New Delhi: Dalmia Bharat Ltd on Tuesday said its wholly owned material subsidiary, Dalmia Cement (Bharat) Ltd (DCBL), has been identified as the successful resolution applicant for Bhilai Jaypee Cement Ltd (BJCL) under the corporate insolvency resolution process (CIRP), receiving a Letter of Intent (LoI) from the resolution professional.
The company informed the stock exchanges that the resolution plan submitted by DCBL was approved by the Committee of Creditors (CoC) of Bhilai Jaypee Cement, following which the resolution professional issued the LoI on July 28.
Bhilai Jaypee Cement owns a 2.2 million tonnes per annum (MnTPA) grinding unit at Bhilai in Chhattisgarh and a 1.1 MnTPA clinker unit at Babupur in Madhya Pradesh.
The acquisition remains subject to approval of the resolution plan by the National Company Law Tribunal (NCLT), Cuttack, as well as other regulatory approvals, the company said.
Dalmia Bharat made the disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
