New Delhi, Jan 10 (PTI) Kalyani Steels Ltd on Wednesday said it has emerged as a successful bidder to acquire assets of Kamineni Steel and Power India, under liquidation.

A cash consideration of Rs 450 crore is to be paid for the acquisition of assets on or before April 7, 2024, Kalyani Steels said in a regulatory filing.

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The company has already paid Rs 23 crore as earnest money deposit for participation in an e-auction conducted on Friday, January 5, for the sale of the assets, it added.

The assets being acquired include land and buildings, plant and machinery of Kamineni Steel & Power India Private Limited (under liquidation).

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All assets being acquired are related to the steel manufacturing business of Kalyani Steels, it said.

Part of over USD 3-billion Kalyani Group, Kalyani Steels is a leading manufacturer of forging and engineering quality carbon and alloy steels using the blast furnace route.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)