Kalyani Steels has been declared as Successful Bidder for Acquisition of Assets of Kamineni Steel & Power India (In Liquidation), pursuant to the invitation for Sale of Assets through e-auction platform, under Insolvency and Bankruptcy Code, 2016. The cash consideration of Rs 450 crore to be paid for acquisition of assets on or before April 7, 2024. The acquisition of assets is to be completed on or before May 7, 2024.
The Company has paid Rs 23 crore as Earnest Money Deposit for participation in e-auction and the balance is payable on or before April 7, 2024. No interest will be charged in case payment is made on or before February 7, 2024. Thereafter interest will be charged at 12% p.a. till the date of payment.
Kalyani Steels is a leading manufacturer of forging and engineering quality carbon & alloy steels using the Blast Furnace route.
