The twin distressed assets of Uttam Value Steels and Uttam Galva Metallics have received a fresh bid from a consortium led by CarVal Investors, even as SSG Capital Management sweetened its offer, a person close to the lenders to the companies said. CarVal Investors, the investment arm of US-based agri group Cargill, has bid for the assets along with Asset Reconstruction Company (India) Ltd (Arcil).
The consortium has offered about Rs 2,000 crore, including an upfront payment of Rs 800 crore, for the two companies that together owe Rs 5,500 to banks.
SSG Capital Management, which had bid in the first round as well, has increased its offer from a total of Rs 850 crore to Rs 1,000 crore, out of which it is willing to pay 33% upfront, the person said.
The assets, which are associate companies of Uttam Galva SteelsNSE -2.43 %, comprise 1-milliontonne hot-rolled production capacity of Uttam Value Steels at Wardha in Maharashtra for which it purchases pig iron from Uttam Galva Metallics. Once acquired, the plants could be brought to their full utilisation within six months, a person close to the companies said.

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