Economic Times, citing two people aware of the development, has reported that Ares SSG Capital-backed Asset Care & Reconstruction Company has given a binding offer of INR 230 crore to the State Bank of India to acquire INR 697 crore outstanding loans given to Visa Steel, which equates to a recovery of 33% on outstanding loans of SBISBI had issued a notice on its website inviting expressions of interest on 12 January & firm bids by 10 February for sale of its loan to Visa SteelState Bank of India had moved to the Kolkata bench of the National Company Law Tribunal in 2018, seeking to recover its dues from Visa Steel by invoking provisions of the Insolvency and Bankruptcy Code.As par media reports, Visa Steel owes its lenders around INR 4,500 crore, Founded by Mr Vishambhar Saran, VISA Steel is a mineral and metals company situated in the Kalinganagar industrial complex of Jajpur Odisha with a 1.5 million tonne integrated special and stainless steel manufacturing plant. VISA Steel has set up a 125,000 tonnes Ferro Chrome Plant at Kalinganagar in Odisha with 5 submerged Arc Furnaces. VISA Steel makes High Carbon Ferro Chrome as per International Quality Standards for end use in Stainless Steel and Special Steel manufacturing. VISA Steel has its registered office in Bhubaneswar and corporate office in Kolkata.
Economic Times, citing two people aware of the development, has reported that Ares SSG Capital-backed Asset Care & Reconstruction Company has given a binding offer of INR 230 crore to the State Bank of India to acquire INR 697 crore outstanding loans given to Visa Steel, which equates to a recovery of 33% on outstanding loans of SBISBI had issued a notice on its website inviting expressions of interest on 12 January & firm bids by 10 February for sale of its loan to Visa SteelState Bank of India had moved to the Kolkata bench of the National Company Law Tribunal in 2018, seeking to recover its dues from Visa Steel by invoking provisions of the Insolvency and Bankruptcy Code.As par media reports, Visa Steel owes its lenders around INR 4,500 crore, Founded by Mr Vishambhar Saran, VISA Steel is a mineral and metals company situated in the Kalinganagar industrial complex of Jajpur Odisha with a 1.5 million tonne integrated special and stainless steel manufacturing plant. VISA Steel has set up a 125,000 tonnes Ferro Chrome Plant at Kalinganagar in Odisha with 5 submerged Arc Furnaces. VISA Steel makes High Carbon Ferro Chrome as per International Quality Standards for end use in Stainless Steel and Special Steel manufacturing. VISA Steel has its registered office in Bhubaneswar and corporate office in Kolkata.
