SMC Power acquires Concast’s  unit via IBC

Noida-based SMCPower Generation Ltd has acquired the main steel mill and power plant of Concast Steel and Power Ltd under the liquidation process with an upfront payment of ₹300 crore to lenders, said three people familiar with the matter. This is the largest acquisition under the liquidation stage so far in the Insolvency and Bankruptcy Code, 2016.

SMC Power, incorporated in 2000, is part of the promoter group that also owns SMC Foods and Creamy Foods Ltd, which sells dairy products in north India under the Madhusudan brand. SMC Power has an installed annual production capacity of 200,000 tonnes of sponge iron, 350,000 tonnes of billets and 250,000 tonnes of TMT steel bars, besides captive power generation capacity of 33 megawatts in Jharsuguda, Odisha.