Kalyani Steel announced as successful bidder for Kamineni Steel assets

11 Jan 2024 , 03:05 PM

Kalyani Steels Ltd said on Wednesday that it won the auction to buy the assets of Kamineni Steel and Power India, which were in liquidation. According to a regulatory filing, Kalyani Steels will pay a cash consideration of Rs 450 crore for the acquisition of assets on or before April 7, 2024.

The business has already paid Rs 23 crore as an earnest money deposit for participation in an e-auction held on Friday, January 5, for the sale of the assets, it added.

Kamineni Steel & Power India Private Limited’s (in liquidation) assets include land and buildings, as well as plant and machinery. All assets bought are connected to Kalyani Steels’ steel production industry, the company stated.

Kalyani Steels, part of the USD 3-billion Kalyani Group, is a renowned maker of forging and engineering quality carbon and alloy steels via the blast furnace process.

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