According to media reports, India’s leading seamless pipes maker Jindal Saw has emerged as the highest bidder for the insolvent Sathavahana Ispat, offering approximately INR 530 crores. Six other companies had submitted expressions of interest namely Vedanta, Welspun Corp, Sarda Mines, Ares SSG Capital (Singapore), Khandwala Finstock, and Trimex Industries. The only creditor, J C Flower Asset Reconstruction Company, has an acknowledged claim for INR 1747 crore. A group of lenders led by Canara Bank sold all of Sathavahana Ispat's debt to J C Flowers ARC in June of last year at a Swiss auction for INR 410 crore anchor offer from J C Flowers ARC as part of a Swiss auction in May of last year. A counteroffer of INR 531 crore was made by Pridhvi Asset Reconstruction & Securitisation (Paras) Ltd, an ARC, in collaboration with Megha Engineering. The anchor bidder has the option to match the counteroffer in a Swiss auction. Following the filing of a petition by J C Flowers ARC, Sathavahana Ispat entered corporate insolvency one month later. Sathavahana Ispat was originally promoted by Mr AS Rao in 1989. Sathavahana Ispat is primarily engaged in the manufacture and sale ofMetallurgical Coke with a rated capacity of 450,000 tonnes per annumSinter with a rated capacity of 298,000 tonnes per annumPig Iron with a rated capacity of 210,000 tonnes per annumDuctile Iron Pipe 210,000 tonnes per annumCo-generation cum thermal power of 50 MW
According to media reports, India’s leading seamless pipes maker Jindal Saw has emerged as the highest bidder for the insolvent Sathavahana Ispat, offering approximately INR 530 crores. Six other companies had submitted expressions of interest namely Vedanta, Welspun Corp, Sarda Mines, Ares SSG Capital (Singapore), Khandwala Finstock, and Trimex Industries. The only creditor, J C Flower Asset Reconstruction Company, has an acknowledged claim for INR 1747 crore. A group of lenders led by Canara Bank sold all of Sathavahana Ispat's debt to J C Flowers ARC in June of last year at a Swiss auction for INR 410 crore anchor offer from J C Flowers ARC as part of a Swiss auction in May of last year. A counteroffer of INR 531 crore was made by Pridhvi Asset Reconstruction & Securitisation (Paras) Ltd, an ARC, in collaboration with Megha Engineering. The anchor bidder has the option to match the counteroffer in a Swiss auction. Following the filing of a petition by J C Flowers ARC, Sathavahana Ispat entered corporate insolvency one month later. Sathavahana Ispat was originally promoted by Mr AS Rao in 1989. Sathavahana Ispat is primarily engaged in the manufacture and sale ofMetallurgical Coke with a rated capacity of 450,000 tonnes per annumSinter with a rated capacity of 298,000 tonnes per annumPig Iron with a rated capacity of 210,000 tonnes per annumDuctile Iron Pipe 210,000 tonnes per annumCo-generation cum thermal power of 50 MW
