Adhunik MetaliksNSE 5.00 % is seeing renewed interest from a clutch of strategic steel players as well as asset reconstruction companies (ARCs), even as the fate of the company’s ongoing resolution process with the winning bidder, Liberty House, is still to be decided by courts.
A person close to the lenders to Adhunik Metalliks told ET that Kalyani SteelNSE 1.55 %, Maharashtra Seamless and Shyam Sel & Power have shown interest in the company that owes Rs 5,371 crore to banks. Maharashtra Seamless was the second highest bidder for the asset in the first round of bidding. The steelmakers could not be contacted for comment.
An email sent to the resolution professional (RP), Sumit Binani of Grant Thornton, remained unanswered till press time. The asset is also being eyed by several ARCs which were initially absent from the bidding.
Edelweiss ARC is the only one which had bid for Orissa Manganese and Minerals, another company of the Adhunik group that is facing insolvency resolution.
“The lenders and RP are informally engaging with some strategic players as well as ARCs that have shown interest, but nothing can be taken forward as long as Liberty House is in the game,” said the person cited earlier.
Source: Economic Times