When the company s resolution professional (RP) Ravi Sethia invited the bids, four bidders - Amit Metaliks, Nalwa Steel & Power, BTL EPC and Rashmi Metaliks - showed interest in acquiring the company. But only two bidders-BTL EPC and OP Jindal Group-promoted Nalwa Steel & Power-participated in the second challenge process, in which nine rounds of bidding were conducted.
Nalwa Steel and Power and BTL EPC s resolution plans received an equal number of votes from creditors in the case of McNally Bharat Engineering, causing a rare tie situation in the bankruptcy proceedings. The winning bid was declared as BTL EPC, which offered INR 445.2 crore, compared to Nalwa s INR 426 crore.
The government wants private players to boost coal production in the country as power demand surges. State-run Coal India dominates coal mining in the country
Around 22 companies, including state-owned NTPC and NLC India and private player JSPL, have placed bids in the seventh round of coal auctions under which 103 blocks were put on offer, an official statement said on Wednesday.