Four bidders have emerged to takeover SBQ Steel Limited, an Indian domestic producer of forging grade alloy and special steel, referred by commercial banks for bankruptcy resolution, banking sources said on Thursday, June 28.
The sources said that the four bidders expressing interest in taking over the company through the resolution process within the scope of the Insolvency and Bankruptcy Code are Kalyani Steels, Shyam Metaliks, Orissa Metaliks and IMR Metallurgical, a Swiss trading firm.
SBQ Limited has a steel mill located in the southern Indian state of Andhra Pradesh with a capacity of 250,000 mt of forging grade alloy and special steel, along with a coke oven plant, a rolling mill and a 45 MW captive power plant.