UltraTech Cement Limited (NSEI:ULTRACEMCO) agreed to acquire Binani Cement Limited from Binani Industries Limited (BSE:500059) and others for INR 79.6 billion on May 28, 2018. The letter of intent was issued by the Committee of Creditors to UltraTech Cement Limited in respect of its approval of resolution plan on May 30, 2018. The transaction is subject to National Company Law Tribunal's approval, National Company Law Appellant Tribunal's approval (NCLAT) and the Committee of Creditors of Binani Cement Limited on May 28, 2018. On November 14, 2018, the transaction was approved by NCLAT. On November 19, 2018, the transaction was approved by the Supreme Court of India. Vaish Associates and TriLegal Partners acted as legal advisors and PricewaterhouseCoopers Private Limited, Investment Banking Arm acted as a financial advisor to UltraTech Cement Limited.

UltraTech Cement Limited (NSEI:ULTRACEMCO) completed the acquisition of Binani Cement Limited from Binani Industries Limited (BSE:500059) and others on November 20, 2018. Following completion, Binani Cement Limited became a wholly owned subsidiary of UltraTech Cement Limited and the Board of Binani Cement Limited was re-constituted. Name of Binani Cement Limited has been changed to UltraTech Nathdwara Cement Ltd.