JSW Steel Coated Products gets LoI for National Steel and Agro Industries

NSAIL, which makes flat steel products such as cold-rolled coil, galvanised corrugated sheets, colour coil and pre-painted profile sheets, owes lenders over Rs 1,600 crore

JSW Steel Coated Products Limited (JSCPL), a wholly-owned subsidiary of JSW Steel, has been declared the successful resolution applicant for National Steel and Agro Industries.

In a stock exchange filing, JSW Steel stated that JSCPL submitted a resolution plan under the corporate insolvency resolution process of National Steel and Agro Industries Limited (NSAIL) on September 6, 2022, as amended on October 06.

The resolution professional issued a letter of intent to JSCPL on October 7, informing that the committee of creditors of the corporate debtor had approved JSCPL's resolution plan and declared it the successful resolution applicant.

JSCPL accepted the letter of intent on October 7, the filing said. The closure of the transaction will be subject to obtaining necessary approvals from the National Company Law Tribunal, Mumbai, the company said in the filing.

NSAIL, which is primarily into flat steel products such as cold-rolled coil, galvanised corrugated sheets, colour coil and pre-painted profile sheets, owes lenders more than Rs 1,600 crore.