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Kalyani Steels Acquires Kamineni Steel Assets for Rs 450 Crore

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By Rediff Money Desk, NEWDELHI   Jan 10, 2024 19:10

Kalyani Steels has emerged as the successful bidder for the acquisition of assets of Kamineni Steel and Power India under liquidation for a cash consideration of Rs 450 crore.
Kalyani Steels Acquires Kamineni Steel Assets for Rs 450 Crore
New Delhi, Jan 10 (PTI) Kalyani Steels Ltd on Wednesday said it has emerged as a successful bidder to acquire assets of Kamineni Steel and Power India, under liquidation.

A cash consideration of Rs 450 crore is to be paid for the acquisition of assets on or before April 7, 2024, Kalyani Steels said in a regulatory filing.

The company has already paid Rs 23 crore as earnest money deposit for participation in an e-auction conducted on Friday, January 5, for the sale of the assets, it added.

The assets being acquired include land and buildings, plant and machinery of Kamineni Steel & Power India Private Limited (under liquidation).

All assets being acquired are related to the steel manufacturing business of Kalyani Steels, it said.

Part of over USD 3-billion Kalyani Group, Kalyani Steels is a leading manufacturer of forging and engineering quality carbon and alloy steels using the blast furnace route.
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