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Sidhartha TNN Oct 13, State-run SAIL is set to take over the operations of Electrosteel Steels in a rare event of lenders taking charge of a debt-laden company and paving the way for similar moves at other firms where promoters are unable to repay loans.
They said SAIL was now ready to take over the operations.
Electrosteel Steel had become an embarrassment of sorts for the lenders as it was the first case of banks where they were looking to take charge of operations and change the management under strategic debt restructuring SDR. Talks had been initiated with some foreign players, including London-based fund house First International Group but the deal did not work out as the investors wanted to take over the company at a steep discount, something that the lenders were unwilling to do.
Banks have an exposure of close to Rs 9, crore to the company and were forced by RBI to classify it as a non-performing asset. As part of the restructuring, lenders had last year decided to convert over Rs 2, crore into equity through the SDR route.
In addition loans of around Rs 5, crore had been restructured. With no takers for Electrosteel Steel, lenders were toying with the idea of transferring the company to an asset reconstruction company.
Since RBI allowed SDR last year, banks invoked the provision in case of 21 companies but have failed to find buyers in almost all cases.
ELECTROSTEEL CASTING LTD. INDIA. Descriptive information about Electrosteel Casting Ltd with Mclloyd, the worldwide business directory. ₹ 5, and above ₹ 6, and above ₹ 7, and above ₹ 8, and above ₹ 9, and above ₹ 10, and above ₹ 15, and above ₹ 20, and above. Electrosteel Castings Ltd is a 1 rupee face value steel pipe and fittings company. 2. Year high of Electrosteel Castings Ltd is and year low , So as per my rule year high/low ratio is below 2 for Electrosteel Castings Ltd, New readers please refer my research terms at this link.
Last year, as part of the clean up exercise initiated by RBI, the regulator had prodded banks to take control of companies and change the management apart from looking for new owners.
But given the subdued global environment in the steel sector due to the slowdown in China and the subsequent price crash, there were few takers for steel assets, which were among the sectors that had the maximum debt stress.About Electrosteel Group.
Electrosteel Group has been one of the leading pipeline solutions provider in the country. Over the last five decades, the Group has emerged as an international brand that values commitment to excellence.
Electrosteel Castings Ltd. - is a leading Exporter, Manufacturer & Supplier of Ductile iron pipes, ductile iron fittings, ductile iron double flanged pipes from Mumbai, Maharashtra, India.
Electrosteel Casting Ltd Jharia Coalfield, Jharkhand,India OVERVIEW OF COAL MINE METHANE PROJECT: The Parbatpur CMM Project is located in the Parbatur Mine of ECL in the Jharia Coalfield, near Dhanbad, Jharkhand, India.
The CMM project covers an area of approximately km2 and has an. Shubhrangshu Adhikari. Former Geologist at Electrosteel Casting Ltd. Presently working in Business Excellence Team at Electrosteel Steels Ltd.
LocationIndustry: Mining & Metals. Glenn Wheeler. Head Of Sales and Marketing at Electrosteel Casting (UK) Ltd. Location Sheffield, United Kingdom Industry Mechanical or Industrial EngineeringTitle: Head Of Sales and Marketing at .
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