Jaicorp's Vice Chairman, Virendra Jain and his son Ankit Jain have become the top bidders for Kamachi Industries, a Chennai-based steel manufacturer undergoing liquidation following an unsuccessful insolvency resolution process. The father-son pair has proposed acquiring the company as a functional entity. Their bid of Rs 487 crore has been submitted under a National Company Law Tribunal (NCLT)-supervised process initiated by the State Bank of India in February 2020.

Kamachi Industries has failed to meet loan obligations amounting to Rs 2,200 crore from a consortium of five public sector banks. The company specializes in manufacturing thermo-mechanically-treated (TMT) bars essential for the construction sector. Kamachi Industries' resolution professional, Suresh Kumar Mahalingam, chose not to provide comments on the matter.

To secure the success of the Jains' bid and facilitate the acquisition of the company, they must fulfill specific milestone-linked payments within the next 30 days and obtain approval from the National Company Law Tribunal (NCLT), according to earlier sources. Virendra Jain has also submitted a bid for Rolta India, a defense-focused software company currently undergoing insolvency proceedings. Kamachi Industries operates as a fully integrated facility with divisions for sponge iron, rolling mill, and steel melting, complemented by a captive power plant.