Who acquired Binani Cement and at what price?

UltraTech Cement Limited (Aditya Birla Group) acquired Binani Cement Limited through the CIRP resolution process. The resolution plan was approved for approximately ₹7,266 crore. The acquisition was contested by Dalmia Bharat, which had initially submitted a competing resolution plan, making the Binani Cement case a landmark precedent for IBC proceedings in India.

What subsidiaries does Binani Industries still hold?

Following the loss of Binani Cement, Binani Industries' remaining key subsidiaries are Binani Zinc Limited (zinc smelting operations, though facing challenges) and Goa Glass Fibre Limited (manufacturer of glass fibre and composite products). The group's consolidated revenue and asset base have been dramatically reduced post-CIRP.

Who are the promoters of Binani Industries Limited?

Binani Industries Limited is promoted by Braj Binani and the Binani family. Braj Binani was the Chairman of the group and was centrally involved in the Binani Cement insolvency proceedings, including contested legal challenges against the UltraTech-backed resolution plan.

What is the ISIN of Binani Industries Limited?

The ISIN of Binani Industries Limited is INE071A01013. The company's shares are traded in the unlisted/grey market.

How do I buy Binani Industries unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

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How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

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Are there lock-ins on unlisted or pre-IPO shares?

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How do I sell Binani Industries shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

Binani Industries Unlisted Share Price | Buy Binani Industries Pre-IPO Shares — wisefolio

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Investment Thesis

Binani Industries Limited is one of India's most prominent examples of a conglomerate destroyed by a flagship subsidiary's insolvency. The 2018 CIRP of Binani Cement and its acquisition by UltraTech Cement extinguished the group's primary value pillar. The holding company now rests on Binani Zinc and Goa Glass Fibre — both smaller and facing their own challenges. With a share price of ₹1.45, the market has effectively priced in near-total equity destruction. This is a very high-risk investment appropriate only for sophisticated investors who have thoroughly reviewed all available NCLT/NCLAT orders, MCA filings, and creditor proceedings.

Pros

Goa Glass Fibre Limited (manufacturer of glass fibre and composites) remains a subsidiary with operations in a niche advanced materials segment
Incorporated in 1962 — over 60 years of corporate existence as a diversified conglomerate
Historical presence across cement, zinc, and composites represents genuine industrial diversification
India's composite materials and glass fibre sector has long-term demand from wind energy, automotive, and construction applications
Post-CIRP resolution and reorganisation, residual group entities may eventually stabilise

Cons

CRITICAL: Loss of Binani Cement — the dominant revenue-generating subsidiary — through insolvency proceedings has fundamentally destroyed the conglomerate's core value
CRITICAL: Promoter group (Braj Binani) embroiled in prolonged legal battles with creditors and resolution professionals following the insolvency
Share price of ₹1.45 reflects near-total equity erosion at the holding company level
Binani Zinc operations faced financial stress and reported suspensions, removing another key revenue pillar
Holding company structure means minority investors in Binani Industries have no direct claim on underlying assets, only residual equity after debt resolution
Ongoing legal and regulatory proceedings create significant uncertainty for shareholders
Limited visibility into future business plans or restructuring roadmap

Business Segments

Cement (Divested via CIRP)

Binani Cement Limited — formerly a major Indian cement manufacturer with plants in Rajasthan and other states — was lost to creditors through CIRP in 2018 and acquired by UltraTech Cement

Zinc Smelting

Binani Zinc Limited operates a zinc smelter in Bijapur, Rajasthan for production of zinc and allied products; operations have faced challenges and interruptions

Glass Fibre & Composites

Goa Glass Fibre Limited manufactures glass fibre rovings and fabrics used in wind energy blades, pipes, automotive composites, and construction applications

Revenue Model

Holding company deriving value from subsidiary operations. Post-Binani Cement IBC resolution, primary value lies in zinc, glass fibre, and international cement assets.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds13

Growth Plans

Goa Glass Fibre could benefit from growing India wind energy and composites demand

Any strategic restructuring, merger, or asset sale could provide modest value to shareholders

India's glass fibre composites market is growing driven by wind energy, infrastructure, and automotive lightweighting

Potential resolution of outstanding legal matters could remove an overhang

Industry Tailwinds

Recent Developments

UltraTech Cement acquires Binani Cement via CIRP

NCLAT upheld UltraTech Cement's revised resolution plan for Binani Cement at approximately ₹7,266 crore, concluding one of India's most complex and precedent-setting CIRP cases. Binani family's equity in the cement business was extinguished, severely impacting Binani Industries' holding company value.

2018-06

Binani Cement admitted to CIRP

Edelweiss Asset Reconstruction Company's petition was admitted by NCLT Kolkata bench, triggering CIRP for Binani Cement Ltd. The process involved competing bids from UltraTech Cement and Dalmia Bharat, with the resolution becoming a landmark IBC case.

2018-01

Comparable Companies

CompanyTypeTickerMkt Cap

UltraTech Cement (Acquirer of Binani Cement)ListedULTRACEMCO~2,50,000 Cr

Hindustan Zinc (Zinc sector peer)ListedHINDZINC~1,50,000 Cr

Owens Corning India / Binani Composites peersListedUnlisted—

UltraTech Cement (Acquirer of Binani Cement)Listed

ULTRACEMCO · ~2,50,000 Cr

Frequently Asked Questions

Binani Cement Limited, the flagship subsidiary of Binani Industries, was admitted to Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC) in January 2018. After a high-profile legal battle at NCLT and NCLAT, UltraTech Cement (Aditya Birla Group) acquired Binani Cement in June 2018 for approximately ₹7,266 crore. This effectively ended Binani Industries' control over its primary cement business and is one of India's landmark IBC insolvency cases.

The extremely low share price of ₹1.45 reflects the near-complete destruction of equity value at the Binani Industries holding company level, primarily caused by the insolvency and loss of Binani Cement — the group's core revenue and asset contributor. Equity holders in a holding company are residual claimants, meaning they receive value only after all creditors are paid. In the Binani Cement CIRP, equity holders received no meaningful recovery.

About Binani Industries

Binani Industries Limited is the holding company of the Braj Binani Group, a diversified Indian conglomerate with operations in cement, zinc, glass fibre, and downstream composite products. Incorporated in 1962 in West Bengal and listed on BSE, the group built a multi-industry industrial platform over six decades. Binani Industries owns more than 98% of Binani Cement Limited, which operates a 6 MTPA integrated cement manufacturing facility at Binanigram, Pindwara, Sirohi, Rajasthan. The group's business portfolio spans: cement manufacturing in India (6 MTPA at Sirohi, Rajasthan with split grinding at Neem Ka Thana); a 3 MTPA integrated clinker/cement facility in China (Binani Cement Fujian Ltd.); a 2 MTPA grinding facility in Dubai (Binani Cement UAE FZC) producing GGBFS and PPC; and Binani Zinc Limited for zinc manufacturing. Additionally, Binani Industries has glass fibre and composites operations through its subsidiaries. The company is currently facing significant legal and financial challenges. The Calcutta High Court issued a winding-up order for Binani Industries Limited following a default on paying ₹5.65 crore to advertising agency Milestone Brandcom Pvt Ltd. This winding-up order is a serious development that places Binani Industries' corporate future in question at the holding company level. Binani Cement itself was a landmark case under the Insolvency and Bankruptcy Code — it was acquired by UltraTech Cement (Aditya Birla Group) through the IBC resolution process in 2019, making it one of the first large IBC resolutions in the Indian cement sector. The resolution resulted in the parent Binani Industries receiving proceeds, but the holding company's own financial position appears to have deteriorated subsequently. The Braj Binani Group has been a significant player in India's industrial landscape, with the group's infrastructure and diversified assets continuing to have operational significance even as the holding company faces legal challenges.

Key Milestones

Incorporated in 1962 in West Bengal as a diversified industrial conglomerate (CIN: L24117WB1962PLC025584)

Common questions about unlisted shares

How do I buy Binani Industries unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

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