India’s Uttam Value Steels admitted for insolvency

Thursday, 28 June 2018 23:02:53 (GMT+3)   |   San Diego
       

According to press reports, India’s National Company Law Tribunal (NCLT) has admitted Uttam Value Steels for insolvency proceedings. The court appointed Rajiv Chakraborty as the interim resolution professional, who will be responsible for running day-to-day company operations during the period of insolvency that can extend up to 270 days.

Uttam Value Steels reported a Rs 466 crore ($68 million) loss for FY18 on Rs 2,636.26 crore ($383 million) net sales, which is 3.71 times its market capitalization of Rs 125 ($18 million) crore. The State Bank of India sanctioned a Rs 334 crore ($48 million) loan to the firm.

The company was started in 1974 and has about 2,000 employees at its plant in Wardha in the state of Maharashtra, the central region of India. The integrated steel complex produces hot rolled, cold rolled, and galvanized steel products.

USD = INR 68.78 (Jun 28)


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