August 30, 2008

IFCI puts Vishwas Steel’s Goa and Tararpur units on block

PTI reported that IFCI has put on sale the Goa and Tarapur units of Vishwas Steels to recover its debts under the provisions of the Securitization & Reconstruction of Financial Assets and Security Interest Act.

IFCI, which is to recover around INR 72 crore from Vishwas Steel, has received consent for sale of the company from other secured creditors having more than 75% of outstanding loans.

The reserve price for Goa unit has been fixed at INR 20 crore, while for Tarapur unit it would be INR 4.60 crore. Interested buyers can send in their bids for one or both the units to the IFCI by February 26th 2008. Prospective buyers can inspect the Goa unit on February 11th and 12th 2008 and Tarapur unit on February 13th 2008.

The Goa unit of the Vishwas Steel has facilities to manufacture mild steel and alloy steel billets and blooms, while the Tarapur unit has a rolling mill.