Dalmia Bharat on track to buy Kalyanpur Cements; ADIA may open India office
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Dalmia Bharat Ltd is on course to acquire and revive fellow cement maker Kalyanpur Cements Ltd after lenders approved its debt resolution plan for the Patna-headquartered company, The Economic Times reported citing two people aware of the development.

According to the report, the committee of creditors has given its recommendations to the Kolkata bench of the National Company Law Tribunal, who will now examine the matter before passing a final order in the next few days.

A person familiar with the matter was quoted as saying that the size of the resolution plan may be more than Rs 350 crore.

Kalyanpur Cement, which owes more than Rs 600 crore, was taken to bankruptcy court last May.

Dalmia Bharat, the country's second-oldest cement firm, had earlier outbid. JSW Cement, JK Lakshmi Cement, and Star Cement.

In a separate report, soveregin wealth fund Abu Dhabi Investment Authority (ADIA) is looking to hire a new country head for its India operations and may set up its first office in the country.

According to Mint, which cited two people aware of the development. global recruitment firm Egon Zehnder has been given the mandate to scout for an India head for ADIA.

The state-owned investment fund of the Gulf emirate has ramped up its investments in India in recent months.

Last month, ADIA had picked up a minority stake in KKR India Financial Services Pvt. Ltd, one of the private equity giant's two non-banking financial companies in India.

The fund has also bet on a few companies that have gone public in recent months such as Reliance Nippon Asset Management, CX Partners-backed Security Intelligence Services (India) and securities depository firm CDSL.

ADIA had also agreed three months ago to invest $1 billion (around Rs 6,500 crore) in the government’s National Investment and Infrastructure Fund’s (NIIF) Master Fund.

In another report, Srei Infrastructure and Edelweiss Asset Reconstruction Company have submitted the highest bids for debt-laden Adhunik group companies Adhunik Alloys and Power Ltd, and Orissa Manganese and Minerals Ltd (OMML) respectively, The Economic Times reported citing two people aware of the developments.

Edelweiss ARC made the highest offer of Rs 325 crore for OMML while Srei Infrastructure was the top bidder for Adhunik Alloys and Power at Rs 190 crore.

According to the report, Edelweiss ARC was the sole bidder for two other Adhunik group companies – Zion Steel and Adhunik Metaliks – which are also undergoing bankruptcy proceedings at the NCLT.

The four group companies face total claims of Rs 14,185 crore from creditors, according to the report.

A person familiar with the matter was quoted as saying that the committee of creditors is evaluating the bids and may take two weeks to vote.

Meanwhile, Mumbai-headquartered real estate developer Puranik Builders Pvt. Ltd is working on going public, two people aware of the development have told Mint.

Edelweiss Financial Services was given the mandate to run the initial public offering (IPO), according to the report.

The report cited an unnamed source as saying that the transaction is at an early stage and the firm is yet to decide the quantum of fund-raising.

Puranik Builders managing director Shailesh Puranik was quoted as saying that the firm is considering a number of possible financing options.

No Indian real estate company has gone public in the last seven years.

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