UltraTech will sell its entire stake in the China unit for Rs.900 crore. This had been inherited by Ultratech as part of the acquisition of Binani Cement in 2018. Ultratech will sell its 92.5% stake in Shandong Binani Rongan Cement. Binani was referred to NCLT after it defaulted on its Rs.3900 crore loan in 2017. Ultratech had outbid Dalmia Cement for this acquisition.

It is not clear whether this is a normal business decision or related to a larger decision to stay away from Chinese business relationships altogether.