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June 6, 2001
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Money > Business Headlines > Report June 6, 2001 |
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Tata Steel to approach BIFR for ISWP buyRumi Dutta Tata Steel is planning to approach the Board for Industrial and Financial Reconstruction to get control over Indian Steel & Wire Products, which owes over Rs 450 million to the steel major. Tata Steel's earlier proposal to acquire ISWP had fallen through with the promoter group, headed by Ravi Inder Singh, not agreeing to the terms of the proposal. Tata Steel officials said, "We are left with no choice but to acquire control over ISWP with BIFR's approval. This is the only way left to recover our money." Tata Steel has been in discussion with ISWP on the proposed acquisition for over a year now. Tata Steel had initially proposed conversion of the Rs 450 million debt into equity. This would have helped the Tata's buy into the management control of ailing ISWP. Though the 65-year-old ISWP commands around 50 per cent of the wire rods market in India, the company was primarily crippled with fund crunch. Besides debt recovery, Tata Steel has been keen on the wire rods unit in order to enhance its position in the niche steel products segment. Powered by YOU MAY ALSO WANT TO READ:
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