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SMC Power Generation, incorporated in 2000, 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.
Singhi Advisors exclusively advised INR USD 400 m NOIDA based SMC group for acquisition of TMT Bars & Sponge Iron assets of Concast Steel at Orissa,with upfront payment of USD 40 m and additional commitment of USD 40 to 45 m being one of the largest recovery under section 33 of IBC code 2016.
Concast Steel and Power, an integrated iron and steel manufacturer with a sintering plant, and sponge iron units, in Jharsuguda, declared bankruptcy in November 2017 with outstanding dues of nearly USD 1.3 bn.
