Jai Corp’s Virendra Jain Acquires Kamachi Industries For Rs 487 Cr
This acquisition comes after the company faced insolvency proceedings initiated by the State Bank of India due to a loan default of Rs 2,200 crore
Virendra Jain, vice chairman at Jai Corp, along with his son Ankit Jain, has successfully acquired Chennai-based Kamachi Industries for Rs 487 crore. This acquisition comes after the company faced insolvency proceedings initiated by the State Bank of India due to a loan default of Rs 2,200 crore.
The National Company Law Tribunal (NCLT) recently granted approval to the Jains’ bid, finalising the deal.
Kamachi Industries is promoted by prominent steel sector leader Vinod Kothari and employs approximately 2,000 workers.
The company’s primary manufacturing facility is located in the Tiruvallur district of Tamil Nadu. The Jains had made the highest offer for Kamachi Industries.
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