Adhunik Alloys gets four resolution plans
Srei Infrastructure and a private equity fund backed by Edelweiss were among four entities that submitted resolution plans for Adhunik Alloys & Power, one of the four companies of the Adhunik Group that faces bankruptcy proceedings, said two senior officials aware of the developments. Resolution professional Sumit Binani had called for resolution plans for the four group companies: Orissa Manganese & Minerals, Zion Steel, Adhunik MetaliksBSE 3.01 % and Adhunik Alloys & Power. The last day for submitting binding bids along with resolution plans for all four companies was January 12. The four companies face claims totalling Rs 14,185 crore. Besides Srei and Edelweiss, Bhagwati Power & Steel and Rashmi Group-promoted Orissa Metaliks submitted .....