MSP Steel & Power has received an approval to opt for debt restructuring and the same has also been decided by the lenders of the company in its Joint Lenders Forum (JLF) meeting as Corrective Action Plan (CAP). The board of directors at their meeting held on December 10, 2014 has approved for the same. Further, the board has decided that the company will approach all its lenders for the same.
This step has been taken pursuant to adverse market conditions - poor demand coupled with scarcity of raw materials, which has impacted the company’s business.
MSP Steel & Power, the flagship company of the MSP group, is over a decade old business house belonging to Agrawal family of Kolkata. It is currently engaged in manufacturing of sponge iron, billets, TMT bars and structural’s besides having backward integration for washing of coal, pellets cum iron ore beneficiation and power. Besides, the company is also involved in trading of steel products.
| Company Name | CMP |
|---|---|
| Tata Steel | 210.95 |
| JSW Steel | 1257.25 |
| SAIL | 176.45 |
| Jindal Stainless | 775.60 |
| APL Apollo Tubes | 2022.35 |
| View more.. | |
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