SMC Power acquires Concast’s steel units in largest liquidation deal
MUMBAI: Noida-based SMC Power Generation has acquired the main steel mill and power plant of Concast Steel and Power Ltd in a liquidation process, according to several people Mint spoke to. With ₹300 crore offered as upfront cash to lenders, this is the largest acquisition so far within the liquidation process under the Insolvency and Bankruptcy Code, 2016.
SMC Power Generation, incorporated in 2000, is part of the promoter group that also owns SMC Foods and Creamy Foods Ltd, which sells dairy products in the north Indian market under the brand Madhusudan. SMC Power Generation has installed capacities to produce 2 lakh tonne of sponge iron per annum, 3.5 lakh tonne of billets, 2.5 lakh tonne of TMT and captive power generation of 33 MW in Jharsuguda, Odisha.
