National Company Law Tribunal (NCLT) approved the implementation of the resolution plan by settling all the pending issues pertaining to acquisition of the Ramsarup Industries Ltd and given directions to implement the approved resolution plan. The consortium of SS Natural Resources Pvt Ltd (SSNRPL) along with Shyam SEL & Power Limited (SSPL), a Shyam Metalics & Energy group companies, are in the process of taking over control of Ramsarup Industries Limited consequent completion of the direction of NCLT.
The bid for this acquisition was made through a special purpose vehicle (SPV), SS Natural Resources Pvt Ltd (SSNRPL). This was a joint bid by Shyam Metalics and Energy Limited (SMEL) and Super Smelter Ltd. wherein SMEL through its wholly owned subsidiary Shyam Sel and Power Limited (SSPL), to hold 60% and Super Smelter Group to hold 40% in the SPV.
Ramsarup Industries Ltd was Incorporated on 9th July, 1979 having Registered Office at Hastings Chambers 7C, Kiran Shankar Roy Road, 1st Floor, Kolkata-700 001. The shares of the company were Listed on both BSE & NSE since 2006. The key Business of the company is manufacturing of Wire ropes, Pig Iron, Sponge Iron, TMT bars and Wind Power generation.
The acquisition will synergise the Group’s existing steel business as the horizontal integration of steel manufacturing facilities and has the potential to generate and enhance significant efficiencies.
The total consideration of Rs. 377 Crores was paid by the consortium resolution applicants for the corporate debtor as per the approved resolution plan as the upfront amount to pay off the financial and other creditors. Further amount to be infused in the Ramsarup Industries for making the plant operational and for meeting the working capital requirements as per the terms of the resolution plan.