Institutions held 28.84% and 15.43% respectively.
Sesa Goa, the largest exporter of iron ore, has acquired the assets of the upcoming steel plant unit of the Bellary steel & alloys (BSAL) for an all cash consideration of Rs. 220 crore. The secured creditors to BSAL represented by IFCI had taken over possession of the properties of the BSAL in association with the official liquidator. IFCI then conducted sale process for the asset of the BSAL under the SARFAESI Act, 2002.
BASL is coming up with a 0.5 mtpa steel plant project at Bellary. The properties of the under construction plant acquired are free hold land or 700 acres, building and structure, plant and machinery and other assets of the steel plant.
The assets have been transferred on an ‘as is where is’ basis to SGL on March 22, 2011. The company is presently conducting a detailed assessment in order to determine the best way forward for commissioning the steel plant at the earliest.
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