Jaicorp's Virendra Jain secures top bid for Kamachi Industries

06 Feb 2024 CW Team

Jaicorp?s Vice Chairman Virendra Jain and his son Ankit Jain have reportedly become the top bidders for Kamachi Industries, a Chennai-based steel maker undergoing liquidation due to a failed insolvency resolution process.

The father-son duo expressed their interest in acquiring the company as a going concern, with their bid amounting to Rs 4.87 billion under a National Company Law Tribunal (NCLT)-monitored process initiated by the State Bank of India in February 2020.

Kamachi Industries, which defaulted on loans amounting to Rs 22 billion from a consortium of five public sector banks, specialises in the production of thermo-mechanically-treated (TMT) bars utilised in the construction industry.

For the Jains? bid to be successful and lead to the company's acquisition, they are required to make milestone-linked payments within the next 30 days and obtain approval from NCLT, as per the sources cited earlier.

It was reported on December 8 that Virendra Jain has also submitted a bid for Rolta India, a defence-focused software company currently undergoing insolvency proceedings.

Kamachi Industries boasts a fully integrated facility, comprising a sponge iron division, a rolling mill division, and a steel melting division. Additionally, the company has a captive power plant.

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