JSW Steel Coated Products Limited (JSCPL), a wholly owned subsidiary of JSW Steel Limited, has been declared the successful resolution applicant for acquisition of National Steel and Agro Industries Limited (NSAIL), a company statement said on Thursday, October 13.
JSW Steel stated in a regulatory filing that JSCPL had submitted a resolution plan under the corporate insolvency resolution process of National Steel and Agro Industries Limited (NSAIL) on September 6, 2022.
The resolution professional overseeing the bankruptcy process issued a letter of intent to JSCPL informing that the committee of creditors of National Steel and Agro Industries had approved JSCPL's resolution plan and declared it the successful resolution applicant.
The bankrupt company up for revival by a new investor is primarily into flat steel products such as cold-rolled coil, galvanised corrugated sheets, colour coil and pre-painted profile sheets.