Jaicorp’s vice chairman, Virendra Jain, and his son, Ankit Jain, have acquired the Chennai-based Kamachi Industries Limited as a going concern for a total consideration of ₹487 crore. This acquisition ensures the continuation of Kamachi Industries Limited’s operations, preserving its value and paving the way for future growth.

The bid of ₹487 crore was made under a process initiated by State Bank of India, and monitored by the National Company Law Tribunal (NCLT). According to a release, this transaction encompasses all movable and immovable assets along with leasehold rights, but excludes Kamachi Industries’ liquidation of a bank account.

With the completion of the balance payment of ₹365 crore, Virendra Jain and Ankit Jain have gained full management control of the unit. Emerging as the highest bidders in the liquidation process, they have demonstrated their commitment to maintaining seamless operations of Kamachi Industries Limited.

This acquisition marks a pivotal moment in resolving the insolvency proceedings of Kamachi Industries Limited and secures its future growth, heralding a new chapter of long-term stability and development.

Kamachi Industries Ltd is an integrated steel plant with the following capacities in MTPA - sponge iron division 1.2 lakh metric tonnes; steel melting division 3.2 lakh MT; rolling mills division 5.10 lakh; captive power division 70 MW and non-conventional power division 10 MW. The new management plans to scale it up to 5 lakh MT of TMT per annum with whatever investments are required, the release said.

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