At ₹410 crore, JC Flowers highest bidder for Sathavahana Ispat debt
The Hindu
A consortium comprising Canara Bank, State Bank of India, Union Bank and IFCI had called for bids for sale of the debt.
JC Flowers Asset Reconstruction has emerged the highest bidder, with its bid of ₹410 crore, for acquiring the debt of Hyderabad-based Sathavahana Ispat. A consortium comprising Canara Bank, State Bank of India (SBI), Union Bank and IFCI had called for bids for sale of the debt. Sathavahana Ispat owes them over ₹1,000 crore and the debt is classified as non-performing assets (NPA) in the books of the lenders for more than three years, a note said. Four bids were received by the consortium. The other bids were from Maximus ARC for ₹380 crore; CFM ARC for ₹370 crore; and Welspun for ₹360 crore. Sathavahana Ispat is primarily engaged in manufacturing ductile iron pipes and pig iron. It also has a metallurgical coke plant.
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