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

07 Apr 2026

Large Format Store Planned At M G Road Metro Station

M G Road station in Bengaluru is set to host the city’s first large-format commercial and experience space, with planning led by Bangalore Metro Rail Corporation Limited. BMRCL has invited proposals to develop and operate a central business district destination at the Purple?Pink Line interchange. The plan positions the station as a commercial hub designed to serve a broad commuter base across the city. The proposal is part of a broader effort to activate transit nodes commercially. Tender documents set a minimum monthly rental of Rs 0.944 million (mn), inclusive of GST, for the large-format..

Government Cancels Auction Of Eleven Critical Mineral Blocks

The government has cancelled the auction of 11 critical and strategic mineral blocks after receiving a poor investor response and failing to attract a sufficient number of qualified bidders. The decision represents a setback to plans to ramp up domestic exploration and production of critical minerals amid global supply chain disruptions and rising demand for materials used in clean energy and advanced technologies. The mines ministry issued an annulment notice setting out the reasons for the cancellations. The annulment notice indicated that the auction process for five mineral blocks was canc..

Gujarat Pushes Biogas Growth With 193 Operational Units

Gujarat has operationalised 193 biogas plants across the state and is planning to add 60 more units as part of a broader push to scale up clean and sustainable energy solutions. The existing plants, established under various government-supported schemes, process organic waste including cattle dung and agricultural residue to produce biogas and a nutrient-rich slurry. The output is mainly used for cooking and other energy needs in rural and semi-urban communities, while also improving local waste management practices. The Gujarat Energy Development Agency (GEDA) is leading the initiative and is..