Hyderabad-based Sathavahana Ispat Limited has been merged with steel pipes maker Jindal SAW through an insolvency process.
According to a BSE filing, Jindal SAW had submitted a resolution plan for debt-laden Sathavahana Ispat, which was approved by the National Company Law Tribunal (NCLT), Hyderabad Bench-1 earlier this month.
"Accordingly, in terms of the approved Resolution Plan Sathavahana Ispat Limited stands merged with Jindal Saw Limited (SRA) as on April 26, 2023," the filing said on Wednesday.
Jindal Saw Ltd is a manufacturer and supplier of steel pipe products, fittings and accessories.