India's JSW Steel will implement its resolution plan for debt-ridden Vardhman Industries, effective Monday, starting with a Rupee 635 million ($8.9 million) infusion of funds, the steelmaker said Saturday.

The decision comes after India's National Company Law Appellate Tribunal said the date of approval of the resolution plan shall be December 13, 2019, JSW Steel said.

Financial creditors, such as banks, will get Rupee 625 million while operational creditors will receive Rupee 10 million, JSW said.

Vardhman Industries makes galvanized coils and sheets from a 50,000 mt/year plant at Rajpura, Punjab, which also contains a 75,000 mt/year galvanizing unit.

JSW is a major domestic steelmaker with an overall production capacity of about 18 million mt/year, with the bulk concentrated at its 12 million mt/year mill in Vijayanagar, Karnataka, and 5 million mt/year at Dolvi.

By March 2020, Vijayangar's production capacity will be raised to 13 million mt/year while the Dolvi plant will double its output to 10 million mt/year.

-- Clement Choo