The revival hope of ailing Incab Industries Limited got a shot in the arm with three entities expressing interest to take over the company.

The three entities - Tata Steel Long Products Limited, Vedanta Limited and One City Infrastructure Private Limited - have submitted their expression of interest in response to a notice issued in this regard by Pankaj Kumar Tibrewal, the resolution professional (RP) of Incab, appointed by Calcutta- bench of National Company Law Tribunal (NCLT).

The last day for submission of the expression of interest was September 16.

The expression of interest submitted by the three entities is subjected to scrutiny by the RP.

The final list of the prospective applicants, after considering objections if any, would be notified by the resolution professional on September 24.

Tata Steel Long Products Limited formerly Tata Sponge Iron Ltd is promoted by Tata Steel. It has its plants in Jharkhand and Odisha while Vedanta Limited is a mining company, with its main operations in iron ore, gold and aluminium mines in Goa, Karnataka, Rajasthan and Odisha.

The third applicant- One City Infrastructure Private Limited is a Delhi-based company which is majorly into real estate and renting business for the last 16 years.

Various unions of Incab Industries were hopeful of the company's revival over this latest development.

"We want the company to be revived and are against any liquidation or winding up moves. With three entities including Tata Steel Long Products submitting their expression of interest things look optimistic," said Aloke Sen, assistant secretary of Incab Employees Association talking to The Telegraph Online over phone from Calcutta.

Senior functionary of The Indian Cable Workers' Union Ram Binod Singh said," Tata Steel Long Products Limited submitting an expression of interest with the resolution professional is a positive development. This has given hope to employees. However, everything depends on NCLT's decision."

The next hearing of NCLT's Calcutta bench on Incab Industries is slated on November 8.

The ailing Incab Industries has around 900 workers on its rolls who are deprived of their salary for over two decades.

In the mid-1990s, Malaysian promoter Leader Universal Holdings Berhad took over the company, but it started suffering losses and slid deeper in the red.

Ultimately it had to be referred to the Board for Industrial and Financial Reconstruction (BIFR) in 1999. Later, the case was also taken up for hearing at the Appellate Authority for Industrial and Financial Reconstruction (AAIFR).

However, both the statutory bodies were dissolved on December 1, 2016 paving the way for National Company Law Tribunal (NCLT), which helps in the revival process of sick industries.