Kalyani Steels Acquires Kamineni Steel Assets for Rs 450 Crore
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.
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.
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.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Srestha Finvest
- 0.67 ( -4.29)
- 67675345
- Vodafone Idea L
- 7.34 ( -0.41)
- 39063581
- AvanceTechnologies
- 0.96 (+ 4.35)
- 22450285
- Standard Capital
- 1.11 (+ 9.90)
- 21182942
- IFL Enterprises
- 1.01 ( -3.81)
- 14393443
MORE NEWS
Sitharaman Responds to Middle Class Tax Relief...
Finance Minister Nirmala Sitharaman responds to an X user seeking tax relief for the...
India's Free Trade Talks Continue: UK, EU...
India's free trade agreements, including those with the UK and EU, are progressing as...
DLF's K P Singh: How GE Came to India
Discover how DLF's K P Singh facilitated General Electric's entry into India,...