JSW Steel has submitted an expression of interest (EOI) for stressed asset, Asian Colour Coated Ispat, confirmed the company.
Some private equity players are believed to have also submitted EOIs for the downstream steel facility. The date of issue of final list of resolution applicants is November 26 and the last date for submission of resolution plans is December 12.
Asian Colour Coated has debt of around Rs 39 billion and was part of the Reserve Bank of India’s (RBI’s) second list of non-peforming assets NPAs.
JSW’s move is in sync with its plan of acquiring downstream facilities.
Asian Colour Coated has a cold rolling mill with downstream galvanising and colour coating lines at Bawal, Haryana. It has manufacturing facilities across three strategic location in close proximity to Delhi and Mumbai and caters to markets across Europe, Africa, Latin and North America besides the home market. It has a capacity of one million tonne.
Apart from Asian Colour Coated, JSW has also submitted EOI for Uttam Value Steels which too is on the RBI’s second list of NPAs.
Among the larger assets, JSW is in the race for Bhushan Power & Steel which has a capacity of 3.5 million tonnes.