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IMR Metallurgical, Kalyani Steels, Shyam Metalics and Orissa Metaliks eying SBQ Steels - Report

Steel News - Published on Thu, 07 Jun 2018

Image Source: Economic Times
Economic Times, citing unnamed senior bank officials, reported that leading alloy steel maker Kalyani Steels and Swiss trading company IMR Metallurgical are in a race to acquire SBQ Steels, a bankrupt company that has an integrated plant located at Krishnapatnam in Andhra Pradesh. The sources added that Shyam Metalics and Orissa Metaliks too have shown interest in the steel company

The company was referred to bankruptcy court by Union Bank of India. The resolution professional, Ashish Rathi, who is backed by consulting firm BDO, has received total claims of INR 3,630 crore from financial creditors of SBQ Steels. Other lenders include Bank of Baroda and Edelweiss ARC.

SBQ Steels, the flagship company of Chennai’s RKKR Group, has an integrated steel plant located at Krishnapatnam to manufacture 0.25 MTPA of forging grade alloy and special steel. It also owns two power plants with 45MW capacity each, an electric arc furnace, a rolling mill and a coke oven plant. The plant is 24 km away from Krishnapatnam port, 150 km from Chennai port and also 18 km from Gudur railway station in Andhra Pradesh.

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Posted By : Sanju Moirangthem on Thu, 07 Jun 2018
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