Ghanashyam Misra and Sons Pvt. Ltd. agreed to acquire Orissa Manganese & Minerals Limited from Adhunik Metaliks Limited (BSE:532727) for INR 3.2 billion on June 22, 2018. Ghanashyam Misra and Sons Pvt. Ltd. will make an upfront payment of INR 2.5 billion within 90 days to Orissa Manganese & Minerals Limited. The acquisition is done through bankruptcy and insolvency petition was filed before the National Company Law Tribunal by State Bank of India. The transaction is approved by National Company Law Tribunal and committee of creditors, On April 25, 2018, committee of creditors approved the transaction in a meeting of financial creditors.