Ten Indian bidders seek to acquire stressed assets of Rohit Ferro-Tech via bankruptcy resolution

Tuesday, 08 June 2021 11:08:24 (GMT+3)   |   Kolkata
       

Ten bidders have thrown their hats into the ring - including Tata Steel Mining Limited (a wholly-owned subsidiary of Tata Steel), Vedanta Limited, and Jindal Stainless Limited - to acquire the stressed assets of Rohit Ferro-Tech Limited, through the bankruptcy resolution process, government sources said on Tuesday, June 8.

The sources said that all the ten bidders have been declared as ‘successful resolution applicants’ by the National Company Law Tribunal (NCLT), which has accepted their letters of intent for the acquisition of Rohit Ferro-Tech, and now the various bids will be put for approval to the committee of creditors of the ailing company.

Rohit Ferro-Tech has three ferrochrome plants, two in the state of Odisha and one in West Bengal, along with a stainless steel manufacturing unit in the latter state.


Most Recent Related Articles

Indian mills working on variable pricing mechanism in long-term supply contracts to recover rising energy costs

India and Israel to commence FTA talks next month

India’s Tata BSL Limited reports fivefold rise in net profit in Q2 FY 2021-22

India’s Balu Forged takes charge of Hilton Metals factory with renting deal

Indian Railway to invest $6.66 billion to construct 500 multi-modal transport hubs for steel, coal