Punjab National Bank has put Indore based National Steel & Agro Industries Ltd for sale to recover dues to the tune of nearly INR 200 crore. Punjab National Bank in its auction notification said “We intend to place the account for sale to ARCs/NBFCs/other banks/FIs, on the terms and conditions stipulated in the bank's policy, in line with the regulatory guidelines.".Punjab National Bank has pegged the reserve price on cash basis at INR 95 crore for the sale process. The lender has set December 8 as the deadline for prospective bidders to complete the due diligence exercise. The last date of submission of binding bids is December 9. Bids for National Steel and Agro Industries will be opened on December 10, 2021.For the prospective bidder to expedite the process of due diligence exercise and for verification purposes of the buyer, Punjab National Bank said it will make all possible efforts to bring copies of documents at one place.Punjab National Bank, however, said that it may withdraw the account offered for sale, without assigning any reasons, at its sole discretion.National Steel and Agro Industries Ltd is primarily known for its flat steel products Cold Rolled Coil, Galvanised Corrugated Sheets, Colour Coil & Pre-painted Profile sheets, etc. It has built an installed capacity of around 380,000 tonnes per annum1987: Production from Continuous Galvanized Line (CGL) -1 started1994: In-house Cold Rolling Mill (CRM) - 1 started T1999: CGL – Line 2 started2004: Colour Coating Line commissioned2004: Cold Rolled Mill (CRM) – 2 added2012: CGL Line 3 started2015: Colour Coating Line Started with 1500 mm (Wider) width2016: Adding new product range of Aluminium Zinc alloy coated products
Punjab National Bank has put Indore based National Steel & Agro Industries Ltd for sale to recover dues to the tune of nearly INR 200 crore. Punjab National Bank in its auction notification said “We intend to place the account for sale to ARCs/NBFCs/other banks/FIs, on the terms and conditions stipulated in the bank's policy, in line with the regulatory guidelines.".Punjab National Bank has pegged the reserve price on cash basis at INR 95 crore for the sale process. The lender has set December 8 as the deadline for prospective bidders to complete the due diligence exercise. The last date of submission of binding bids is December 9. Bids for National Steel and Agro Industries will be opened on December 10, 2021.For the prospective bidder to expedite the process of due diligence exercise and for verification purposes of the buyer, Punjab National Bank said it will make all possible efforts to bring copies of documents at one place.Punjab National Bank, however, said that it may withdraw the account offered for sale, without assigning any reasons, at its sole discretion.National Steel and Agro Industries Ltd is primarily known for its flat steel products Cold Rolled Coil, Galvanised Corrugated Sheets, Colour Coil & Pre-painted Profile sheets, etc. It has built an installed capacity of around 380,000 tonnes per annum1987: Production from Continuous Galvanized Line (CGL) -1 started1994: In-house Cold Rolling Mill (CRM) - 1 started T1999: CGL – Line 2 started2004: Colour Coating Line commissioned2004: Cold Rolled Mill (CRM) – 2 added2012: CGL Line 3 started2015: Colour Coating Line Started with 1500 mm (Wider) width2016: Adding new product range of Aluminium Zinc alloy coated products
