UltraTech Cement has emerged as the top contender to buy Emami Cement for Rs 6,500-7,000 crore in an all-cash deal. Ambuja Cements is the only other contender in the race to buy the cement business of Emami Group.
The sale has entered the final binding bid round with Aditya Birla Group-owned UltraTech's offer price being the highest.
"UltraTech is most likely to win the bid, especially considering their keenness to expand in the east and the offer price made. The final binding bid round is likely to end next week," a source told the Livemint.
Emami Cement's sale will etch UltraTech's way in eastern India and further strengthen its leadership in the Indian market.
Kolkata-based Emami Cement is one of the major cement manufacturing companies in Eastern India. The company has hired Credit Suisse as the investment banker and Arpwood Capital as the deal adviser.