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At ₹410 crore, JC Flowers highest bidder for Sathavahana Ispat debt
JC Flowers Asset Reconstruction has emerged the highest bidder, with its bid of ₹410 crore, for acquiring the debt of Hyderabad-based Sathavahana Ispat.
A consortium comprising Canara Bank, State Bank of India (SBI), Union Bank and IFCI had called for bids for sale of the debt. Sathavahana Ispat owes them over ₹1,000 crore and the debt is classified as non-performing assets (NPA) in the books of the lenders for more than three years, a note said.
Four bids were received by the consortium. The other bids were from Maximus ARC for ₹380 crore; CFM ARC for ₹370 crore; and Welspun for ₹360 crore. Sathavahana Ispat is primarily engaged in manufacturing ductile iron pipes and pig iron. It also has a metallurgical coke…