Jaicorp's Virendra Jain secures top bid for Kamachi Industries
ECONOMY & POLICY

Jaicorp's Virendra Jain secures top bid for Kamachi Industries

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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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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