Economic Times reported that Rimjhim Ispat has acquired BRG Iron & Steel for INR 530 crore last month at an auction held by the liquidator. Rimjhim Ispat is paying more than what it had offered during the pre-Covid period under a court-monitored debt resolution process. When Rimjhim Ispat made the first bid, it had offered INR 500 crore under the debt restructuring process, but the offer was rejected by 98% of BRG Iron’s financial creditors. Consequently, the National Company Law Tribunal ordered liquidation in February 2020.Financial creditors had made total claims of INR 3,461 crore, of which the highest was from State Bank of India, followed by UCO BankKolkata based BRG manufacturers stainless steel in 200, 300 & 400 series, carbon steel & alloy steel and is a prominent player in the Indian stainless with capacity of 800,000 tonnes per year with following facilities, as per their website1. One electric arc furnace & 10 induction furnaces2. AOD converters & ladle refining furnaces3. Continuous slab casting & billet casting4. Hot rolling mill for plates and HRC5. 20 Hi Mills for CRHeadquartered in Kanpur in Uttar Pradesh, Rimjhim Ispat Ltd is an integrated steel manufacturer producing a wide assortment of steel sheets and tubular products
Economic Times reported that Rimjhim Ispat has acquired BRG Iron & Steel for INR 530 crore last month at an auction held by the liquidator. Rimjhim Ispat is paying more than what it had offered during the pre-Covid period under a court-monitored debt resolution process. When Rimjhim Ispat made the first bid, it had offered INR 500 crore under the debt restructuring process, but the offer was rejected by 98% of BRG Iron’s financial creditors. Consequently, the National Company Law Tribunal ordered liquidation in February 2020.Financial creditors had made total claims of INR 3,461 crore, of which the highest was from State Bank of India, followed by UCO BankKolkata based BRG manufacturers stainless steel in 200, 300 & 400 series, carbon steel & alloy steel and is a prominent player in the Indian stainless with capacity of 800,000 tonnes per year with following facilities, as per their website1. One electric arc furnace & 10 induction furnaces2. AOD converters & ladle refining furnaces3. Continuous slab casting & billet casting4. Hot rolling mill for plates and HRC5. 20 Hi Mills for CRHeadquartered in Kanpur in Uttar Pradesh, Rimjhim Ispat Ltd is an integrated steel manufacturer producing a wide assortment of steel sheets and tubular products