As rival sweetens bid, JSW Steel hits hurdle to acquire Asian Colour

Interups offers Rs 2,000 crore in NCLT against JSW's Rs 1,550-cr bid

JSW Steel’s Rs 1,550-crore offer to acquire Asian Colour Coated Ispat (ACCIL) is facing a hurdle, with a rival pitching in Rs 2,000 crore during the National Company Law Tribunal (NCLT) proceedings.

In its submission to the NCLT, Interups, a US-based fund, said it would make the payment upfront in 30 days of the NCLT approving the plan, and offered to put in an additional Rs 400 crore as investment in the first year of acquiring the business of ACCIL.

ACCIL had defaulted on loans of Rs 5,000 crore and was sent to the NCLT in July 2018. An Interups