Dalmia Cement girds up for a three-way fight

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Dalmia Bharat lines up Rs 19k cr to battle Adani, UltraTech Cement:

Dalmia Bharat, India’s fourth largest cement producer, will spend around Rs 19,000 crore to expand its cement capacity to 120 million tonnes per annum (mtpa) by 2031 to cash in on the infrastructure and housing boom, its MD and CEO Puneet Dalmia said. The company currently has a capacity of 41.1 mtpa, across 14 plants and grinding units which are spread across 10 states.

Lenders replace Go First key bankruptcy officials Lenders to Go First Airlines are seeking to take full control of the carrier’s resolution process at the National Company Law Tribunal (NCLT), replacing key bankruptcy-related officials appointed by the company. In the first meeting held Friday, the committee of creditors (CoC) replaced the company-appointed interim resolution professional (IRP), process advisor and legal agency to show their intent of controlling the biggest insolvency case. The CoC will file for more changes before the NCLT by Tuesday, including replacing Alvarez & Marsal as the process advisor with EY, along with the legal team. The CoC wants to avoid conflict of interests. In another update, hearing in plea filed by Wilmington against SpiceJet, will be held on June 16. In news from Indigo, Rakesh Gangwal and family would offload 5 to 8 per cent in Interglobe Aviation, according to a report by Reuters. The block deal may take place on July 15, when the lock-in period ends. The deal could be worth ₹750 crore. Rakesh Gangwal had resigned from the board in 2022 due to a dispute with the company’s other co-founder Rahul Bhatia. As of March 2023, the Gangwal family had 16.2 per cent stake in IndiGo. IndiGo shares closed nearly 2 per cent down.