M&A

M&A

TMT steel bars maker Radha Smelters gets NCLT nod to acquire GVK Gautami Power for Rs.207-Cr

Economic Times  

The National Company Law Tribunal (NCLT) has approved the resolution plan of Hyderabad-based steel manufacturer Radha Smelters Pvt Ltd (RSPL) to acquire GVK Gautami Power Ltd through the insolvency resolution process. The firm’s plan involves paying around INR 207 crore to financial, operational and other creditors. GVK Gautami Power has admitted liabilities of over INR 2,759 crore.GVK Gautami Power is a step-down subsidiary of GVK Power & Infrastructure Ltd (GVKPIL) and operates a 471 MW capacity gas-based power plant in Kakinada district of Andhra Pradesh. The company was admitted into the Corporate Insolvency Resolution Process (CIRP) in October 2023, in an application filed by Edelweiss ARC Ltd.Promoted by Sunil Saraf and Suman Saraf, RSPL makes thermo-mechanically treated (TMT) bards, and structural steel. It sells TMT bars under the brand name Radha TMT.