Tata Steel on Wednesday deposited Rs 25 crore with operating agency State Bank of India for the proces of revival of Indian Cable Company (INCAB).
In accordance with the order of the Board for Industrial and Financial Reconstructions (BIFR) on July 22, all bidders for INCAB had to deposit Rs 25 crore.
SBI had called a meet of the three bidders and other stakeholders, including creditors of the company in Kolkata on July 24 to decide on the respective revival packages offered by bidders.
The BIFR had on July 2 instructed the operating agency to study the three bidders? revival packages closely and to evaluate and submit the draft revival scheme (DRS) in three weeks.
Tata Steel and two Mumbai-based companies R R Kabel and Pegasus Asset Reconstruction are in the fray for the once well-known cable maker, whose last promoter had been the Malaysia-based Leader Universal Berhad.