The Delhi Bench of National Company Law has approved JSW Steel Coated Products INR 1550 crore resolution plan for insolvent Asian Colour Coated Ispat. Bawal Haryana based ACCIL also has a facility in Khapoli in Maharashtra and the combined entity has total capacity of one million tonnes. The ACCIPL deal will give JSW access to a million tonnes of value-added products such as colour-coated sheets and coils and galvanised corrugated
This is the third acquisition by JSW from the insolvency courts. Company’s INR 2457 crore plan for integrated steel maker Monnet Ispat was approved in 2018. It also made an acquisition of Vardhaman Industries in 2019 for INR 63.5 crore. JSW is also keen to close the acquisition of Bhushan Power and Steel for INR 19,500-crore. The company is also in an early stage of making an offer for Gonterman Peipers (India).