While Blackstone is in talks to acquire two properties of L&T Realty in Mumbai, local cement manufacturers and investors have submitted bids to acquire Binani cements.
Blackstone eyes two L&T Realty properties
The deal, which is likely to be valued at Rs 2,300 crore, includes 800,000 sq ft of fully-leased commercial tower at the L&T premise in Powai suburb and another 900,000 sq ft office block at the company’s commercial project at Seawoods, in Navi Mumbai, said the report.
“The deal is expected to be inked by late February as due diligence is currently in its final stages,” said one of the sources cited in the report, adding that L&T Realty will assist in further leasing at Seawoods commercial block.
According to the sources, Blackstone is acquiring these assets directly and not through existing joint ventures.
Race heats up to acquire debt-ridden Binani Cement
Ace investor Rakesh Jhunjhunwala and D-Mart promoter Radhakishan Damani are coming together to bid for debt-ridden Binani Cement, which is facing bankruptcy proceedings, said a report in The Economic Times quoting sources.
According to the sources cited in the report, rival cement manufacturers such as UltraTech, Heidelberg, the JSW Group, Dalmia Bharat and Ramco Cements also made proposals to acquire the assets of Binani cements.
For the bidding, Dalmia Bharat teamed up with Ajay Piramal, while the JSW Group submitted its proposal jointly with a private equity firm and Ramco Cement tied up with PE fund True North.
“The partnership between Jhunjhunwala and Damani is a big surprise,” said one of the sources. “If you look at the list of bidders, it appears that competition will only intensify and lenders may not have to take any haircut.”