Shardul Amarchand Mangaldas & Co. Advised Jindal Steel Odisha Limited On The Acquisition Of Allied Strips Limited From Nivaya ASL Private Limited

Shardul Amarchand Mangaldas & Co. advised Jindal Steel Odisha Limited on the acquisition of Allied Strips Limited from Nivaya ASL Private Limited

Shardul Amarchand Mangaldas & Co. advised Jindal Steel & Power Group on the acquisition of the entire effective and controlling stake in Allied Strips Limited (ASL) through its wholly owned subsidiary Jindal Steel Odisha Limited (JSOL) from Nivaya ASL Private Limited (Nivaya). The deal closed on April 2, 2025, and is valued at approximately INR 217.53 crores.

As part of the transaction, JSOL also acquired certain optionally convertible debentures issued by ASL to Nivaya, along with an unsecured loan provided by Nivaya to ASL. Collectively, the equity stake, optionally convertible securities, and unsecured loan are referred to as the “Securities.”

Nivaya had acquired ASL under the Insolvency and Bankruptcy Code, 2016, and had issued debentures to Edelweiss, secured by ASL’s assets. Following a default by Nivaya in repaying its obligations to Edelweiss, a creditor-led, borrower-supported sale process was initiated to transfer Nivaya’s entire stake in ASL.

The Shardul Amarchand Mangaldas & Co. team was led by Anoop Rawat (Partner), Saurav Panda (Partner), Arushi Chandra (Senior Associate), and Diksha Sharma (Associate).

Chandiok & Mahajan and Ernst & Young LLP advised Nivaya on the legal and process advisory aspects, respectively.

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