Jai Corp’s vice chairman Virendra Jain and his son Ankit Jain have acquired Chennai-headquartered steel company Kamachi Industries for ₹487 crore, said a statement issued by Kamachi Industries on Saturday.
The acquiring entities are the two individuals themselves, it said. The steel company makes thermomechanically treated steel bars that are used in construction.
State Bank of India had taken the company to insolvency proceedings after it defaulted on loans of ₹2,200 crore.
The National Company Law Tribunal recently granted approval to the father-son duo’s bid for the company.
ET had first reported on February 5 that the Jains had made the highest offer for the company.
Kamachi Industries, promoted by Vinod Kothari, employs about 2,000 workers and its factory is located in Tiruvallur district of Tamil Nadu.
Virendra Jain has also bid for Rolta India, a defence-focused software company undergoing insolvency proceedings, ET had reported on December 8, 2023.
