NEW DELHI: Chennai-based Kamachi Industries has been acquired by Jaicorp’s vice chairman Virendra Jain, along with his son Ankit Jain ,for Rs 487 crore through a corporate insolvency resolution process.
In a press release issued on Saturday, Kamachi Industries has said the strategic acquisition ensures the continuation of the company’s operations, thereby preserving its value and paving the way for future growth.
The bid of Rs 487 crore was made under a National Company Law Tribunal (NCLT) monitored process initiated by State Bank of India. This transaction encompasses all movable and immovable assets along with lease hold rights, but excludes the liquidation bank account of Kamachi Industries Limited.
With the completion of the balance payment of Rs 365 crore, Virendra Jain and Ankit Jain have gained full management control of the unit.
Emerging as the highest bidders in the liquidation process, they have demonstrated their commitment to maintaining seamless operations of Kamachi Industries Limited.
The acquisition marks a pivotal moment in resolving the insolvency proceedings of Kamachi Industries Limited and secures its future growth, heralding a new chapter of long-term stability and development. Kamachi industries has an integrated steel plant with a Sponge iron division.