Jindal Saw set to acquire Sathavahana Ispat under IBC

Jindal Saw emerged as the highest bidder, offering about Rs 5.30 billion for the insolvent Sathavahana Ispat.

Vedanta was also interested in acquiring the listed steelmaker. According to a company statement, lenders have issued a letter of intent to Jindal Saw as a successful resolution applicant. The stock release makes no mention of Jindal Saw's offer to buy the steel company.

In addition to Jindal Saw, six other companies have submitted Expression of Interest (EOI). According to the RP's disclosures on the company's website, these are Vedanta, Welspun Corp, Sarda Mines, Ares SSG Capital (Singapore), Khandwala Finstock and Trimex Industries.

Sathavahana Ispat operates its own 50 MW power plant and pig iron and ductile iron pipes in Andhra Pradesh and Karnataka.

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