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Nithia Capital keen to bid for Visa Steel – Founder Mr Jai Saraf

Steel News - Published on Fri, 14 Jun 2019

Image Source: The Economic Times
ET reported that London based distressed assets advisory that has emerged as the successful bidder for the distressed companies of Uttam Galva along with CarVal Investors Nithia Capital Resources is also interested in acquiring Visa Steel. Mr Jai Saraf, founder of Nithia Capital, told ET “The acquisition of the 0.5 million tonne Odisha based steel plant will be in line with Nithia s strategy of acquiring steel plants with less than one million tonne capacity backed by funds from institutional investors. For Visa Steel too, Nithia will reach out to Car-Val that will have the first right to view its plan and win nave the first right to view its plan and decide on whether it would like to pitch in with the necessary funds.”

He said “We are in discussion with various banks and actively looking at several steel assets in eastern and central India including Visa Steel.”

He added “Nithia has a strategy to create a consolidated steel operating platform of upto 2 million tonnes of steel production per year in India.”

State Bank of India had referred the company to the Kolkata NCLT last year but with the promoters challenging the move in the Odisha High Court, the company is yet to be admitted for insolvency.

Source :

Posted By : Rabi Wangkhem on Fri, 14 Jun 2019
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