Orissa Slurry Pipeline is a 253km pipeline that is responsible for transporting about half the raw materials for Essar Steels plant in Odisha.
Mumbai: IDBI Bank Ltd is likely to initiate insolvency proceedings against Orissa Slurry Pipeline Infrastructure Ltd, the company that operates the pipeline supplying raw materials to Essar Steel Ltds Odisha plant, according to two people familiar with the matter.
By initiating bankruptcy proceedings, the state-owned lender wants to look at simultaneous resolution of both assets and avoid any hurdles in the sale process of Essar Steel. The Ruia family owned steel firm is one of the 12 cases identified by the Reserve Bank of India for initiating insolvency proceedings at National Company Law Tribun…
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