Help Desk -
9717405332, 9599714297, 9810335381

Uttam Value Steels & Galva Metallics get new bids – Report

Steel News - Published on Mon, 25 Mar 2019

Image Source: YouTube
ET, citing a person close to the lenders, reported that the twin distressed assets of Uttam Value Steels and Uttam Galva Metallics have received a fresh bid from a consortium led by CarVal Investors, even as SSG Capital Management sweetened its offer. As per ET report “CarVal Investors, the investment arm of US-based agri group Cargill, has bid for the assets along with Asset Reconstruction Company (India) Ltd (Arcil). The consortium has offered about INR 2,000 crore, including an upfront payment of INR 800 crore, for the two companies that together owe INR 5,500 to banks.”

ET quoted a source as saying that “SSG Capital Management, which had bid in the first round as well, has increased its offer from a total of INR 850 crore to INR 1,000 crore, out of which it is willing to pay 33% upfront.”

Lenders are going through the bids and will take a call next week

The assets, which are associate companies of Uttam Galva Steels, comprise 1-million tonne hot-rolled production capacity of Uttam Value Steels at Wardha in Maharashtra for which it purchases pig iron from Uttam Galva Metallics.

Source :

Posted By : Rabi Wangkhem on Mon, 25 Mar 2019
Related News from Steel segment