Tata Steel declared best bidder for revival of INCAB

Tata Steel today said it has been identified as best bidder and promoter for revival of ailing cable manufacturer INCAB Industries (IIL) by the Appellate Authority for Industrial and Financial Reconstruction (AAIFR).

"Tata Steel is happy to have been announced as the best bidder and promoter for revival of INCAB by the AAIFR, putting aside two other contesters for this bid - R R Kabel (RRK) and Pegasus Asset Reconstruction (PAR)," the global steel major said.

This announcement once again reiterates Tata Steel’s commitment towards revival of INCAB and industrial development for Jharkhand, it said.

Tata Steel said a common judgement was rendered in its favour by the majority (2:1) in two sets of appeals related to takeover of IIL and the Directors of IIL.

"Presently, we are analysing the copy of the judgement received. At the same time, our lawyers have gone through the operative portion of the judgement," it added.

Tata Steel in 2009 had said the Board for Industrial and Financial Reconstruction (BIFR) had accepted its Rs 100-crore revival proposal for ailing cable manufacturer INCAB.

INCAB was referred to BIFR in 1999, which declared it sick in 2000. It had nearly 1400 employees.