Friday, March 11,
Sesa Goa has emerged on top in a battle for ownership of the assets of Bellary Steel & Alloys – a little-known company that owns 700 acres in a part of Karnataka known for its mineral riches – edging out JSW Steel in a court-directed auction process that took place earlier this week..*
The Goa-based owned mining company owned by billionaire Anil Agwarwal, emerged triumphant after it challenged a decision by IFCI, a financial institution, declaring JSW the winner.
In an auction carried out in December last year under the supervision of the Delhi High Court JSW had seemingly emerged the winner, outbidding Sesa Goa by offering to pay 210 crore compared to 206 crore.
But Sesa Goa contested the decision on the ground that the winning offer was delayed. The High Court agreed, allowing Sesa Goa to rebid in a so-called inter se bidding process. Sesa Goa bid 220 crore in an auction on, Wednesday, March 9, resulting in the Anil Agarwal-owned mining firm becoming the new owner of Bellary Steel.
Leave a Reply