Shyam Metalics arm gets NCLT nod to acquire Mittal Corp
The Indian bankruptcy court has approved the acquisition of steel maker Mittal Corp Ltd by Shyam Metalics and Energy Ltd. The successful bidder, Shyam Sel and Power Ltd, will pay Rs 351 crore, resulting in a 20% recovery for all creditors. The financial creditors' claim of Rs 1,587 crore will receive Rs 348.7 crore. The lenders had previously approved the revival plan with 100% voting in favor of Shyam Sel and Power.
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