JSW Steel has moved closer to acquiring distressed Asian Colour Coated Ispat with around 80% of the lenders represented by a committee of creditors (CoC) having voted in favour of the company’s resolution plan on Friday, two people in the know of the matter said.
JSW Steel is offering Rs 1,525 crore to the lenders of the asset, which makes up for a little more than 30% of the total dues of Rs 5000 crore that the asset owes to banks. Operational creditors that are owed a total of Rs 507 crore will be getting Rs 25 crore from JSW Steel.
The plan will be submitted to the NCLT Delhi bench for approval soon.
JSW Steel declined to comment while a mail sent to the resolution professional Kuldip Kumar Bassi remained unanswered.
Asian Colour Coated Ispat that was admitted for insolvency last year in July, has a total 1 million tonne of galvanising and colour coated capacities in two locations in Maharashtra and Haryana.
