NCLT okays JSW Steel's resolution plan for Asian Colour Coated Ispat

JSW Steel had emerged the highest bidder for the company in June last year with an offer of Rs 1,550 crore

Sajjan Jindal-led JSW Steel on Monday said the resolution plan submitted by JSW Steel Coated Products — a wholly-owned subsidiary of the primary steel producer — for insolvent Asian Colour Coated Ispat (ACCIL) has been approved by the National Company Law Tribunal (NCLT).

JSW Steel Coated Products operates in the niche segment of the domestic market, manufacturing value-added products that address construction, warehousing and roofing requirements.

Of the total product mix of JSW Steel, the colour coated products form 4 per cent of the basket, while galvanised products comprise 10-11 per cent.

Acquisition of ACCIL will provide deeper presence in the galvanised market