Likely to bid jointly for Jyoti Structures

MUMBAI: Diversified conglomerate Shapoorji Pallonji group and Asia-focussed distressed assets investor SSG Capital will jointly bid for transmission tower maker Jyoti Structures Ltd, which is currently facing bankruptcy proceedings, two people aware of the development said.

Sterling and Wilson Pvt. Ltd (SWPL), a unit of Shapoorji Pallonji, will bid jointly with SSG Capital for a controlling stake in Jyoti Structures, the people cited above said on condition of anonymity. Sterling & Wilson is an engineering,procurement&construction (EPC) company.

“The deadline for submitting EoIs will end on September 12 and the final process will be completed in two months,” said one of the two persons cited above.

In June, Jyoti Structures was among the 12 defaulters named by RBI for immediate bankruptcy proceedings. The National Company Law Tribunal has appointed an interim resolution professional from BDO India to administer the company and prepare a resolution plan. In August, the insolvency professional invited expressions of interest from potential buyers.

KEC International Ltd, part of the RPG group and Kalpataru Power Transmission Ltd (KPTL) are also expected to bid for Jyoti Structures, the second of the two persons cited above said. “Representatives from KEC International and KPTL have met the IRP to discuss a potential bid.”

While emails sent to Shapoorji Pallonji group and SSG Capital remained unanswered till press time, Vimal Kejriwal, MD and CEO of KEC International said “as a policy, we do not comment or respond to market speculation or rumour”.