Innoventive Industries' promoter plans to salvage firm

The company used to make steel tubes and auto parts for customers including Ford, Volkswagen, Tata

The promoter of Innoventive Industries, which was the first case to be admitted for insolvency, has offered to turn around the company as well as pay the debt to creditors.  “The promoter has proposed a resolution plan that will involve upfront payment to the lenders as well as infusion of new money into the company as equity,” a source close to the development told Business Standard.

The source also said that some private equity players have shown interest in buying the firm. The promoter will raise funds from non-banking finance companies to fund the restructuring if the Committee of Creditors and