Kalyani Steels emerges successful bidder for Kamineni Steel assets

Kalyani Steels Ltd on Wednesday said it has emerged as a successful bidder to acquire assets of Kamineni Steel and Power India, under liquidation.

A cash consideration of Rs 450 crore is to be paid for the acquisition of assets on or before April 7, 2024, Kalyani Steels said in a regulatory filing.

The company has already paid Rs 23 crore as earnest money deposit for participation in an e-auction conducted on Friday, January 5, for the sale of the assets, it added.

The assets being acquired include land and buildings, plant and machinery of Kamineni Steel & Power India Private Limited (under liquidation).

All assets being acquired are related to the steel manufacturing business of Kalyani Steels, it said.

Part of over USD 3-billion Kalyani Group, Kalyani Steels is a leading manufacturer of forging and engineering quality carbon and alloy steels using the blast furnace route.