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Argus, Khaitan act on record $39m+ Concast Steel liquidation sale to SMC Power (Feb 20)

Argus Partners advised Liquidator of Concast Steel & Power Ltd led by a team of senior partner R Sudhinder, equity partner Soorjya Ganguli, partner Pooja Chakrabarti, partner Arka Majumdar,

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.

Mint

Argus Partners advised Liquidator of Concast Steel & Power Ltd led by a team of senior partner R Sudhinder, equity partner Soorjya Ganguli, partner Pooja Chakrabarti, partner Arka Majumdar, associate Debjyoti Saha.

Khaitan & Co advised SMC Power Generation Limited led by a core transaction team of partner Ashwin Bishnoi, partner Tanvi Kumar and senior associate Nikita Bhuwania; due diligence assistance by associate Pranay Kapoor; real estate aspects by partner Avnish Sharma and principal associate Punit Bhuwania; direct tax aspects by partner Indruj Rai; indirect tax aspects by partner Kabir Bogra.

10 July 2020: Khaitan team updated.

Deal value: Confidential

Deal dated: 15 February 2020 (completion)

This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.

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