M&A

M&A

Jindal Saw likely to acquire Sathavahana Ispat under the IBC route

Economic Times  

Prithvi Raj Jindal's Jindal Saw is expected to emerge the highest bidder for bankrupt Sathavahana Ispat. To fund the acquisition, PR Jindal's holding company Siddeshwari Tradex has raised an INR 500 crore debt facility from an Edelweiss-promoted finance company and an Edelweiss-managed fund. Jindal Saw is one of the seven applicants to have submitted an expression of interest under the corporate resolution process for the distressed steel company. The other EoI applicants are Vedanta Ltd, Welspun Corp Ltd, Sarda Mines Ltd, Ares SSG Capital (Singapore) Ltd, Khandwala Finstock Pvt Ltd and Trimex Industries Pvt Ltd. The resolution plan is expected to be around INR 550 crore.