The liquidator of Gujarat-based Sterling Biotech, which owes more than 8,100 crore to lenders, has initiated a liquidation process of the company as a going concern at a reserve price of 548.46 crore.
The company is the worlds sixth-largest manufacturer of Gelatin and has already seen interest from about a dozen companies, a person connected with the matter told ET, on the condition of anonymity. Even when the company is facing liquidation, it has retained its licences and approvals and there are about 1,000 people on its rolls.
The company, promoted by Chetan and Nitin Sandesara, was admitted for liquidation on May 8, 2019. It operates two manufacturing facilities in Vadodara, Karakhadi and Masar in Gujarat and one in Ooty in Tamil Nadu. …
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