The Competition Commission of India (CCI) has provided unconditional clearance to UltraTech Cement for its proposed acquisition of Binani Cement..Trilegal advised UltraTech on competition law aspects of the acquisition, including drafting and filing the Form II (long form) merger notification with the CCI..The CCI has given its unconditional approval within a record 22 working days (without clock stops) and 33 calendar days (with clock stops)..This is also the first instance where CCI has given multiple approvals in relation to the same target (in reference to IBC cases) where the serious bidders will seek CCI approvals..The team from Trilegal included Partner and Competition Head Nisha Kaur Uberoi along with Counsel Soumya Hariharan and Associates Atreyee Sarkar, Ankita Gulati, Nandini Pahari and Mathew George..Other advisors included Dr. R.K.S (Shyam) Khemani and SKP Business Consulting LLP, economists..UltraTech had recently moved NCLT, Kolkata challenging the decision by Binani Cement’s creditors to select Dalmia Bharat as the preferred buyer..Last week, UltraTech had entered into an arrangement with Binani Cement’s parent to provide Rs. 7,266 crore ($1.1 billion), and help the bankrupt cement maker to terminate the insolvency proceedings against it.
The Competition Commission of India (CCI) has provided unconditional clearance to UltraTech Cement for its proposed acquisition of Binani Cement..Trilegal advised UltraTech on competition law aspects of the acquisition, including drafting and filing the Form II (long form) merger notification with the CCI..The CCI has given its unconditional approval within a record 22 working days (without clock stops) and 33 calendar days (with clock stops)..This is also the first instance where CCI has given multiple approvals in relation to the same target (in reference to IBC cases) where the serious bidders will seek CCI approvals..The team from Trilegal included Partner and Competition Head Nisha Kaur Uberoi along with Counsel Soumya Hariharan and Associates Atreyee Sarkar, Ankita Gulati, Nandini Pahari and Mathew George..Other advisors included Dr. R.K.S (Shyam) Khemani and SKP Business Consulting LLP, economists..UltraTech had recently moved NCLT, Kolkata challenging the decision by Binani Cement’s creditors to select Dalmia Bharat as the preferred buyer..Last week, UltraTech had entered into an arrangement with Binani Cement’s parent to provide Rs. 7,266 crore ($1.1 billion), and help the bankrupt cement maker to terminate the insolvency proceedings against it.
