Murli Industries creditors have approved acquisition plan submitted by Dalmia Bharat.
Throwing more light on the above development, Mahendra Singhi, Group CEO and Wholetime Director, Dalmia Bharat said they are happy that the bankers and creditors have shown full confidence in the company to buy Murli Industries.
The proposal of infusing Rs 402 crore for payments to lenders, creditors, workers and employees has now been recommended to NCLT for their approval and regulatory approval from government.
The funding for this will be through both internal accrual and loans, said Singhi. The payments will have happen post NCLT approval and other approvals for leasing mines etc.
Once the approval is in place, then a detailed study will be done as to the cost of making the plant operational. The plant has been unoperational for three years, said Singhi. However, ballpark they may have to infuse around Rs 200-300 crore to get plant running within one-year.
He said they will be acquiring all assets of Murli Industries like paper etc. This acquisition would also give them access to Maharashtra market, which is the biggest cement market in the country.
He said they are confident that with help of their expert team, the plant would have the capability of producing 3 million tonnes.
He also said all the efforts will be made to ensure limestone is available for the next 25-30 years.
The company is also evaluating other acquisitions opportunities from the NCLT pack, said Singhi.