Lenders set to name PwC as admin for Uttam companies

MUMBAI: A consortium of banks, led by State Bank of India, are set to mandate consulting firm PwC India to be the administrator for troubled cold rolled and galvanised steel maker Uttam Galva Steel and pig iron maker Uttam Galva Metallics, two senior bank executives said. The two companies, part of Miglani family-led Uttam group, have been classified as nonperforming assets by the lenders.

“PwC India was shortlisted among half a dozen other consulting firms who made presentation to lenders for both the companies,” said one of the bank executives.

“The consulting firm will be PwC but two different individuals will be proposed as interim resolution professional for both companies.”


The lenders are in the process of referring both the companies to the National Company Law Tribunal (NCLT). The two companies jointly owe close to Rs 17,000 crore to lenders. Of this, Uttam Galva Steel has a debt of Rs 7,500 crore, including Rs 6,000 crore to banks and Rs 1,500 crore of unsecured loans.

Uttam Galva Metallics has outstanding dues of Rs 9,500 crore.