Chennai: JSW Steel said it has received the letter of intent from the committee of creditors of Asian Colour Coated Ispat Ltd for acquiring the debt-ridden firm through the insolvency process.
The lenders of Asian Colour Coated Ispat Ltd last week had approved JSW Group’s Rs 1,550-crore bid to acquire the steel firm.
JSW Steel in a regulatory filing said that its wholly-owned subsidiary JSW Steel Coated Products Limited (JSWSCPL) had submitted a resolution plan for Asian Colour Coated Ispat Limited (ACCIL).
“The Committee of Creditors of ACCIL has issued a Letter of Intent dated July 6, 2019 to JSWSCPL and the same has been accepted by JSWSCPL,” the filing said.
The closure of the transaction shall be subject to obtaining necessary approval from the National Company Law Tribunal, New Delhi, it said.
ACCIL went into insolvency in July last year after the National Company Law Tribunal (NCLT) admitted an application by SBI to initiate Corporate Insolvency Resolution Process (CIRP) for the company.