# Shyam Sel and Power gets NCLT approval to acquire Mittal Corp for ₹351 crore

The National Company Law Tribunal (NCLT) approved the acquisition of steel maker Mittal Corp Ltd by Shyam Sel and Power Ltd, an affiliate of Shyam Metalics and Energy Ltd, for ₹351 crore. The resolution plan offers a 20% recovery for creditors.

- Type: Acquisition
- Announced: 2023-10-18
- Where: India
- Value: $42.2M (3.51B INR)
- Status: completed
- Products: steel
- Sectors: [Steel and Metal Products](https://endata.com/sectors/steel-metal-products.md)

## Companies

- [Shyam Metalics and Energy Ltd](https://endata.com/companies/57960.md) (investor)
- [Mittal Corp](https://endata.com/companies/67443.md) (target)
- [Shyam Sel and Power Ltd](https://endata.com/companies/73167.md) (acquirer)

## Sources

- [economictimes.indiatimes.com](https://economictimes.indiatimes.com/industry/indl-goods/svs/steel/shyam-metalics-arm-gets-nclt-nod-to-acquire-mittal-corp/articleshow/104600421.cms), 2023-10-21: "An Indian bankruptcy court has allowed the acquisition of steel maker Mittal Corp Ltd by an affiliate of the listed firm Shyam Metalics and Energy Ltd."
- [livelaw.in](https://www.livelaw.in/ibc-cases/mittal-corp-ltd-to-merge-with-subsidiary-of-shyam-metalics-energy-nclt-mumbai-approves-resolution-plan-241216), 2023-10-30: "The resolution plan is valued at Rs. 351 Crores and provides for merger of the two companies post implementation of plan."
- [legaleraonline.com](https://www.legaleraonline.com/news/nclt-mumbai-approves-mittal-corp-ltds-merger-with-shyam-metalics-energy-subsidiary-880479), 2023-10-30: "This resolution plan is valued at ₹351 crore and outlines the merger of the two companies following implementation of the plan."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.