Recoveries from Odisha Slurry Pipeline under CIRP could be low: Srei fund

IGOF has written to the resolution professional and the committee of creditors, requesting that OSPIL be withdrawn from CIRP

Even as lenders decide on bids for Odisha Slurry Pipeline Infrastructure Ltd (OSIPL), India Growth Opportunities Fund (IGOF), a scheme of Srei Multiple Asset Investment Trust (SMAIT), has cautioned them and the resolution professional that recoveries under the corporate insolvency resolution process (CIRP) could be lower. 

IGOF holds 69 per cent equity in OSPIL, the company which owns the pipeline that carries iron ore to Essar's pellet plant. Essar Steel holds the rest. 

While two companies — ArcelorMittal and Thriveni Earthmovers — are in the running for OSPIL, lenders are believed to be in favour of ArcelorMittal's bid. A final