Jindal Saw set to acquire Sathavahana Ispat under IBC

Jindal Saw emerged as the highest bidder, offering approximately Rs 5.30 billion for the insolvent Sathavahana Ispat. Vedanta was also interested in acquiring the publicly traded steelmaker. According to a company statement, lenders issued a letter of intent to Jindal Saw as a successful resolution applicant. The stock notice makes no mention of Jindal Saw's offer to buy the steel company. Six other companies, in addition to Jindal Saw, submitted expressions of interest (EOI). According to the RP's disclosures on the company's website, these are Vedanta, Welspun Corp, Sarda Mines, Ares SSG Capital (Singapore), Khandwala Finstock, and Trimex Industries. Sathavahana Ispat operates a 50 MW captive power plant as well as pig iron and ductile iron pipe plants in Andhra Pradesh and Karnataka. Also Read UltraTech plans to increase domestic cement capacity by a third by F.. Adani's backed business aids Ambuja Cements raise Rs 50 billion