Asian Colour Coated Ispat has outstanding debt of over ₹5,000 crore.
It will only consider pithead plants for acquisition, that is plants located near coal mines with assured coal supplies.
This would be the third sale for Essel Infra, which aims to monetize assets to pay off creditors.
The fund has a mandate to invest in distressed assets and drive optimal restructuring.
British Steel went into administration in May following the collapse of talks between its PE owner Greybull and the UK government for a £30-million l
The financier aims to systematically bring down single-borrower exposure to Lodha, a Piramal Capital spokesperson said.
IPOs & Markets
The firm is also willing to consider similar proposals for other troubled group firms to exit insolvency.
The public sector lender took a 61% haircut on the asset.
The JV would have created Europe’s second-largest steel maker after ArcelorMittal by merging the two companies’ operations.
A Press Trust of India report said that the toll road has an enterprise valuation of ₹1,830 crore, which includes debt of ₹1,500 crore.
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