Jindal Saw's bid to acquire Sathavahana Ispat okayed
ECONOMY & POLICY

Jindal Saw's bid to acquire Sathavahana Ispat okayed

Jindal Saw's application to acquire listed steelmaker Sathavahana Ispat through the insolvency resolution process has been approved by a bankruptcy court. Jindal Saw, promoted by Prithviraj Jindal, has proposed to pay 694 crore against the defaulting borrower's acknowledged debt of 1,852 crore.

"As a result, we hereby approve the revised Resolution Plan dated 16.12.2022 submitted by Jindal Saw," said the National Company Law Tribunal's (NCLT) Hyderabad chapter.

Dr Venkata Ramakrishna Badarinath Nandula and Charan Singh presided over the bench.

"The resolution plan shall be binding on the Corporate Debtor, its employees, members, and creditors, including the Central Government, any State Government, or any local authority to whom a debt arising under any law for the time being in force is due, guarantors, and other stakeholders involved in the Resolution Plan," the tribunal stated in its March 31 order.

The acquisition of Sathavahana Ispat by Jindal Saw has been approved.

In addition to Jindal Saw, six other bidders submitted expressions of interest, including Vedanta, Welspun Corp, Sarda Mines, Ares SSG Capital (Singapore), Khandwala Finstock, and Trimex Industries. (EOI).

Only Jindal Saw and Vedanta, however, had submitted final resolution plans to acquire the company via the insolvency process.

Originally, lenders to Sathavahana Ispat received an anchor offer of 410 crore from JC Flowers ARC through a Swiss auction in May 2021. In collaboration with Megha Engineering, Pridhvi Asset Reconstruction & Securitisation (Paras), an ARC, made a counter-offer of 531 crore. The following day, JC Flowers ARC matched Paras' counter-offer. The anchor bidder has the right to match the counter-offer in a Swiss auction.

Also Read
Patna Metro Rail Construction receives INR 55210 million
MLA requests the TN government to prohibit transportation of sand

Jindal Saw's application to acquire listed steelmaker Sathavahana Ispat through the insolvency resolution process has been approved by a bankruptcy court. Jindal Saw, promoted by Prithviraj Jindal, has proposed to pay 694 crore against the defaulting borrower's acknowledged debt of 1,852 crore. As a result, we hereby approve the revised Resolution Plan dated 16.12.2022 submitted by Jindal Saw, said the National Company Law Tribunal's (NCLT) Hyderabad chapter. Dr Venkata Ramakrishna Badarinath Nandula and Charan Singh presided over the bench. The resolution plan shall be binding on the Corporate Debtor, its employees, members, and creditors, including the Central Government, any State Government, or any local authority to whom a debt arising under any law for the time being in force is due, guarantors, and other stakeholders involved in the Resolution Plan, the tribunal stated in its March 31 order. The acquisition of Sathavahana Ispat by Jindal Saw has been approved. In addition to Jindal Saw, six other bidders submitted expressions of interest, including Vedanta, Welspun Corp, Sarda Mines, Ares SSG Capital (Singapore), Khandwala Finstock, and Trimex Industries. (EOI). Only Jindal Saw and Vedanta, however, had submitted final resolution plans to acquire the company via the insolvency process. Originally, lenders to Sathavahana Ispat received an anchor offer of 410 crore from JC Flowers ARC through a Swiss auction in May 2021. In collaboration with Megha Engineering, Pridhvi Asset Reconstruction & Securitisation (Paras), an ARC, made a counter-offer of 531 crore. The following day, JC Flowers ARC matched Paras' counter-offer. The anchor bidder has the right to match the counter-offer in a Swiss auction. Also Read Patna Metro Rail Construction receives INR 55210 million MLA requests the TN government to prohibit transportation of sand

Next Story
Resources

Skyview by Empyrean is Making Benchmarks in the Indian Ropeway Industry

FIL Industries Private Limited, the parent company of Empyrean Skyview Projects that pioneered ropeway mobility solutions in India with Jammu’s Skyview Gondola, is currently developing the Dehradun-Mussoorie ropeway and is on track to complete Phase I by September 2026. The ropeway is set to be India’s longest passenger aerial monocable covering 5.8 km between the foothills of Dehradun in Purkulgam and MDDA taxi stand in the hills of Mussoorie in just under 20 minutes. The firm pioneered green mobility solutions in India with the development of the flagship Skyview Gondola in Jam..

Next Story
Technology

Creativity is for Humans, Productivity is for Robots!

On most construction sites, the rhythm of progress is measured by the clang of steel, the hum of machinery and the sweat of thousands. But increasingly, new sounds are entering the mix: the quiet efficiency of algorithms, the hum of drones overhead, and the precision of robotic arms at work. Behind the concrete and cables, an invisible force is taking hold: data. It is turning blueprints into living simulations, managing fleets of machines, and helping engineers make decisions before a single brick is laid. This is not the construction of tomorrow; it is the architecture of today – built on ..

Next Story
Infrastructure Urban

Bhartiya Urban Unveils ‘Bhartiya Converge’ GCC Enablement Platform

Bhartiya Urban has launched Bhartiya Converge, its latest business venture designed to become India’s premier platform for enabling Global Capability Centres (GCCs). The initiative offers an integrated ecosystem aimed at helping global clients gain a competitive edge in today’s rapidly evolving business environment. Focused on enhancing turnaround time and operational efficiencies, the company seeks to deliver better business outcomes powered by top-tier talent. Bhartiya Converge presents a customised and integrated suite of microservices that addresses the nuanced and evolving operational..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?