| Jaiprakash tops bids to acquire Malvika Steel |
| BS Reporter / Mumbai June 27, 2007 |
| Jaiprakash Associates, promoted by the Gaur family, has emerged the higgest bidder in the auction of debt-ridden steel maker Malvika Steel. According to information submitted by Jaiprakash to the Bombay Stock Exchange, it has been declared the highest bidder in an order issued yesterday by the sale committee of the debt recovery tribunal, Delhi, in the auction sale. With this, financial institutions seem to have finally found a taker for Malvika. The Debt Recovery Tribunal (DRT) had put the Vinay Rai-promoted Malvika Steel under the hammer to clear off the over Rs 1,200 crore outstanding due to institutions led by IFCI. The tribunal could receive nearly Rs 600 crore from the unit, which has a sprawling plant with 740 acres in northern India. The country |
