JSW Steel’s wholly owned subsidiary -- JSW Steel Coated Products (JSWSCPL) has received a Letter of Intent (LoI) from Committee of Creditors of Asian Colour Coated Ispat (ACCIL).
Earlier, JSWSCPL had submitted a resolution plan for ACCIL, a company undergoing insolvency resolution process under the Insolvency and Bankruptcy Code, 2016.
The closure of the transaction shall be subject to obtaining necessary approval from the National Company Law Tribunal, New Delhi.
JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.
