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Odisha Slurry Pipeline CoC to Go with ArcelorMittal bid- The 21st China (Guangzhou ) Int’l tube & pipe Processing Equipment Exhibition -
3/2/2020 管材展-鋼管展-steel tube expo-tube &pipe expo |
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Mint reported that lenders to Odisha Slurry Pipeline Infrastructure Ltd intend to stick with ArcelorMittal’s bid for the distressed asset, despite Thriveni Earthmovers’s legal challenge as Thriveni’s upgraded offer of INR 4000 crore for the asset appears to have left the lenders unmoved. A member of OSPIL’s CoC told Mint “If the committee of creditors takes a decision on the resolution plan, it is final. That much has been settled by the courts. Thriveni has not made any material improvement to its bid. We don’t think the court will favour their appeal."
Earlier this month, Thriveni Earthmovers had raised its offer for the distressed iron ore slurry pipeline to INR 4,000 crore. This was higher than the offer of INR 2,200 crore by the only other bidder ArcelorMittal. Thriveni’s bid included an upfront cash payment of only INR 8 crore, while the rest of the amount was proposed to come in tranches. When lenders rejected Thriveni’s revised bid, the latter challenged the decision at the Cuttack bench of the National Company Law Tribunal.
OSPIL owns and operates a 253-km pipeline that connects iron ore mines in Dabuna, Odisha, to a pelletisation plant in Paradip. Essar Steel, which had commissioned the pipeline, sourced about half of its iron ore needs for its plant in Hazira, Gujarat, from Dabuna.
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- The 21st China (Guangzhou ) Int’l tube & pipe Processing Equipment Exhibition
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