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.

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.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

KONE Opens India's First Digital Experience Centre in Pune

KONE, a global elevator and escalator manufacturer, has inaugurated its first Digital Experience Centre (DEC) in India, located in Pune. The facility aims to showcase how artificial intelligence (AI), connectivity and data-driven technologies can enhance customer experiences and improve building operations.The centre was inaugurated by Jussi Herlin, Executive Vice Chair, KONE Corporation; Philippe Delorme, President and CEO, KONE; and Nandan Nilekani, Co-founder and Chairman of the Board, Infosys.Designed as an interactive customer environment, the facility demonstrates digital solutions cover..

Next Story
Infrastructure Urban

CII GreenCo Launches Circularity Guidelines for Indian Industry

The Confederation of Indian Industry (CII) GreenCo Council has launched the CII GreenCo Circularity Guidelines – Pilot Version at the 17th CII GreenCo Waste & Resource Management Summit 2026 in Chennai. The initiative aims to strengthen resource efficiency, waste reduction and circular economy practices across Indian manufacturing and process industries.The guidelines introduce a structured framework with circularity indices covering raw materials, consumables, packaging and other resource inputs. These indicators will help industries assess existing practices, identify opportunities to ..

Next Story
Infrastructure Energy

Global Electronics Association Launches IPC-1783-CO2E Standard

The Global Electronics Association has introduced IPC-1783-CO2E, a new international standard aimed at improving consistency, transparency and comparability in product carbon footprint reporting across the electronics manufacturing industry.The standard, titled International Standard for Data Collection and Reporting of CO2 Equivalent (CO2e) Emissions for the Electronics Manufacturing Supply Chain, provides industry-specific guidance for collecting, estimating and reporting carbon emissions data.With increasing regulatory requirements and customer expectations, electronics manufacturers face c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code