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August 02, 2015 5:09 AM ET

Industrial Conglomerates

Company Overview of Abhijeet Group

Company Overview

Abhijeet Group engages in power, mining, roads construction, steel, and ferroalloys businesses in India. The company engages in the development and generation of thermal power, development of coal and iron ore mines, development and construction of highways and infrastructure projects, and development of steel projects. It also produces hi carbon Ferro manganese and hi carbon silico manganese for European and South East Asian Markets. The company is based in Nagpur, India.

39, Ambazari Layout

Nagpur,  440 010

India

Phone:

91 71 2224 9903

Fax:

91 71 2223 6660

Key Executives for Abhijeet Group

Chairman and Managing Director
Age: 60
Chief Executive Officer of Corporate Ispate Alloys Ltd
Whole Time Director
Age: 37
Whole Time Director
Whole Time Director
Compensation as of Fiscal Year 2015.

Abhijeet Group Key Developments

SBI Subsidiaries Reportedly Put Loans Up For Sale

Some subsidiaries of State Bank of India (BSE:500112) (SBI) have put their loans to Abhijeet Group on sale to asset reconstruction companies. People familiar with the development told Financial Express that the total value of assets for sale could not be determined, however, lenders said these companies owed banks INR 79 billion. "Some banks had approached us earlier and now SBI subsidiaries have also reached out to us," an executive at a Mumbai-based asset reconstruction company said. The SBI subsidiaries include State Bank of Travancore (BSE:532191), State Bank of Hyderabad Ltd. and State Bank of Mysore (BSE:532200).

Tata, BHEL May Bid For CPL

Tata Sons Limited (Tata) and Bharat Heavy Electricals Ltd. (BSE:500103) (BHEL) are interested in acquisition of Abhijeet Group’s Corporate Power Ltd. (CPL). Lenders' consortium had invited bids for taking over CPL. Tata and BHEL have purchased the tender documents, which is an indication that they may subsequently bid. A source involved in the process stated that the bids have to be submitted by July 7. The bids will be based on the original offer made by SREI Infrastructure Finance Limited (BSE:523756), which had conducted a due diligence following negotiations with CPL. The invitation of bids was preferred because SREI cannot be directly offered the contracts.

India Power Corporation Plans To Acquire Power Plants In Jharkhand

India Power Corporation Limited (NSEI:DPSCLTD) plans to acquire Abhijeet Group's 1,080 megawatt Jharkhand power project. “We have given our Expression of Interest to the Bankers of Abhijeet Group for its power assets in Jharkhand as well as exploring other generating assets for takeover,” Jyoti Poddar, an independent director at India Power, said by email.

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