Stating that a possible buyout of DLF Cement did not make minimum financial sense, a GACL official said: "DLF Cement has debt outstandings of over Rs 380 crore, and if I am to add a price of Rs 185 crore, which is what was reported as proposed, the total takeover liability would be in the region of Rs 560 crore for a 1.4 million tonne cement facility. This definitely does not make financial sense."

It is understood that Gujarat Ambuja's refusal to take over DLF Cement stems from the fact that DLF is all set to end the year with a loss in the region of Rs 50 crore. "Taking into account the share capital of the company which stands at Rs 128 crore, the company's net worth may even turn negative over the next two years. With BIFR prospects looming large, a takeover by Gujarat Ambuja seems quiteunlikely at this stage," said a cement analyst.