Financial institutions seem to have finally found a taker for Malvika Steel with the New Delhi-based Jaiprakash group bidding for the company.
The Debt Recovery Tribunal (DRT) has put the Vinay Rai-promoted Malvika Steel under the hammer to clear off the over Rs 1,200 crore outstandings due to institutions led by IFCI.
Jaiprakash Industries’ managing director Manoj Gaur confirmed that his group has bid for the assets of Malvika. Although the size of his bid could not be ascertained, industry experts said Rai could not be contacted.
DRT could receive nearly Rs 600 crore from the unit, which has a sprawling plant with 740 acres in northern India.
It was not confirmed whether there is any second bid for Malvika. The country’s largest steel company, Steel Authority of India had previously expressed interest in acquiring the Amethi-based company. But its consultant Mecon advised against acquiring the entire assets of the company.
(Source: Business Standard )
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