Jindal Saw's bid to acquire Sathavahana Ispat okayed

01 Apr 2023 CW Team

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

Infrastructure Transport

16 Sep 2025

Metro Line 2B Phase 1 to Boost Realty in Mumbai’s Eastern Suburbs

Mumbai’s real estate sector is set for a major boost as Phase 1 of Metro Line 2B, between Mandale and Diamond Garden, nears completion. The Mumbai Metropolitan Region Development Authority (MMRDA) has confirmed that mandatory rectifications are done, and inspections by the Commissioner of Metro Railway Safety (CMRS) have been carried out. The 5.39-km stretch with five stations forms part of the larger DN Nagar–Mandale corridor, designed to ease congestion and improve east–west connectivity. Passenger operations are expected by December 2025, with the full line slated for 2027. ..

WattPower wins Best Inverter award at Global Solar Expo 2025

WattPower, a leading renewable energy solutions provider, has won the award for “Best Inverter in the Utility Segment” at the Global Solar Expo 2025. The recognition underscores the company’s commitment to delivering reliable, high-performance and future-ready solar solutions for large-scale projects. At the forefront of utility-scale solar, WattPower manufactures advanced string inverters that directly feed power into the Indian grid. With robust technology, high-quality components and comprehensive product lifecycle support, its solutions stand among the most sophisticated in the ..

Awfis delivers 67,000 sq. ft. innovation hub for eBay in Bengaluru

Awfis Space Solutions, India’s largest flexible workspace provider and the first publicly listed workspace solutions platform, has partnered with eBay to establish a 67,000 sq. ft. innovation hub at Embassy Tech Village, Bengaluru. The mandate covers design, build and management of the new office, which will act as a strategic hub supporting diverse functions and accelerating eBay’s AI-first commerce strategy. The centre will focus on artificial intelligence, engineering, product development and applied research, strengthening eBay’s growth in India. Embassy Tech Village, North Beng..