UltraTech Cement Limited (NSEI:ULTRACEMCO) looks to sell the associated global assets it inherited with the recent acquisition of UltraTech Nathdwara Cement Limited (Binani Cement) in an insolvency-driven process. The global assets that UltraTech plans to sell include the 3B-Fibreglass sprl (Binani 3B), a three-million tonne per annum (mtpa) joint venture cement plant in China and a 2.5 mtpa grinding unit in the UAE. Binani Cement owned a 90% stake the China JV and 49% in the UAE venture.

3B is wholly owned by the Binani Industries Limited (BSE:500059). As 3B was not part of the insolvency process in India, UltraTech has to file a fresh insolvency case, under European laws. For the other two assets it has to find a buyer approved by joint venture partners.

UltraTech cannot sell the unit directly, and has to initiate a separate process under the European law, said a merchant banker tracking the development. In response to a BusinessLine questionnaire, UltraTech said the company has stepped into the shoes of lenders in all respects, including securities against the loan amount.