Tata Steel today said it has deposited Rs 25 crore for reviving ailing cable manufacturer, Incab, following directions from the Board for Industrial and Financial Reconstruction (BIFR). The company is learnt to have submitted a Rs 100-crore revival plan for the cable manufacturer, awaiting clearance from BIFR, two persons close to the development had said.
“In accordance with the order of BIFR on July 22, all bidders for Indian Cable Company (Incab) need to deposit Rs 25 crore,” the company said in a statement, adding it has deposited the amount with the operating agency, State Bank of India, Kolkata.
