Shardul Amarchand Mangaldas & Co. advises Jindal Steel Odisha Limited on the acquisition of Allied Strips Limited from Nivaya ASL Private Limited

April 10, 2025

Shardul Amarchand Mangaldas & Co. advised the Jindal Steel & Power Group in the acquisition of the entire effective and controlling stake of Allied Strips Limited (“ASL”) through its wholly owned subsidiary Jindal Steel Odisha Limited (“JSOL”) from Nivaya ASL Private Limited (“Nivaya”). The deal was closed on 2 April, 2025 and is valued at approximately INR 217.53 crores.

Further, JSOL as part of the acquisition of ASL, also acquired certain optionally convertible debentures issued by ASL to Nivaya and an unsecured loan given by Nivaya to ASL. The equity stake, optionally convertible securities and unsecured loan is collectively referred to as “Securities”.

Nivaya had acquired ASL in terms of the Insolvency and Bankruptcy Code, 2016 and to implement its resolution plan, Nivaya had issued certain debentures to Edelweiss, and ASL had created security over its assets to secure such debentures. Nivaya defaulted in repayment of its obligations to Edelweiss. Thereafter, Nivaya issued a request for proposals to sell its entire stake in ASL. The process was a creditor led- borrower supported sale of the entire controlling stake of ASL.

The transaction team was led by Anoop Rawat, Partner; Saurav Panda, Partner; Arushi Chandra, Senior Associate; and Diksha Sharma, Associate.

Chandiok & Mahajan and Ernst & Young LLP advised Nivaya on the legal and process advisory aspects, respectively.