SIPL takes control of SPS Steels Rolling Mills post resolution
City-based Shakambhari Ispat and Power Ltd (SIPL) on Tuesday announced taking control of SPS Steels Rolling Mills Ltd and its brand 'Elegant Steel', after the NCLT approved a resolution plan worth Rs 270 crore.
"We have taken control of SPS management and assets including the brand from April 12, after we completed the required payment. Our resolution plan was worth Rs 270 crore, which was approved by NCLT Kolkata," Shakambhari Group Chairman and Managing Director Deepak Kr Agarwal said.
SIPL was last headed by Vipin Vora of the SPS Group, which once claimed to have a turnover of Rs 5,000 crore. It also faced a CBI probe for an alleged bank fraud case.
Following continuous defaults, SPS was referred to NCLT about 18 months ago.
Agarwal said the main target of the Shakambhari Group was the "well-known brand, which had a decent marketshare" in the retail TMT bars and structurals segment, and not its physical assets.
He said the group would be pumping Rs 150 crore in ...