The government will likely invite financial bids for a 50.79% stake in NMDC Steel “within a month or two” after the operationalisation of the company’s new plant in Chhattisgarh is over by June, a person familiar with...
JSW Steel to acquire National Steel and Agro for Rs 621 crore
JSW Steel will acquire flat-steel producer National Steel and Agro Industries (NSAIL) through the bankruptcy court for a cash consideration of ₹621 crore through its wholly-owned subsidiary JSW Steel Coated Products...
Italy’s Marcegaglia buys Russian steelmaker Severstal’s Latvia unit
Marcegaglia has acquired Russian steelmaker Severstal’s unit in Latvia, the Italian steel firm said on Friday, after sanctions on Severstal’s main shareholder made it impossible for the business to operate...
NCLT approves AM Mining India’s resolution plan for Indian Steel Corporation
ArcelorMittal India on Monday said a resolution plan submitted for Indian Steel Corporation by its arm AM Mining India has been approved by the NCLT, Mumbai. In a statement, ArcelorMittal India Pvt Ltd said it...
Disinvestment process of RINL is under progress
There is no freeze on the disinvestment process of RINL, the Steel Ministry clarified on Friday. Clarifying some media reports regarding the hold on the disinvestment process of the state-owned steel maker, the...
Bankruptcy court clears ArcelorMittal unit’s plan for Indian Steel Corp
A bankruptcy court approved the application of the world’s largest steelmaker, ArcelorMittal, to acquire Indian Steel Corp. The Mumbai bench of the National Company Law Tribunal (NCLT), comprising judicial member Kuldip...
Naveen Jindal’s Nalwa top bidder for McNally Bharat
Naveen Jindal-promoted Nalwa Steel and Power emerged as the highest bidder for McNally Bharat Engineering, outbidding BTL EPC (formerly Bengal Tools EPC) at an auction that ended, said two people aware of the...
Jindal Saw’s bid to acquire Sathavahana Ispat okayed
A bankruptcy court has approved Jindal Saw’s application to acquire listed steel maker Sathavahana Ispat through the insolvency resolution process. Prithviraj Jindal- promoted Jindal Saw has proposed to pay ₹694...
China’s CITIC buys controlling stake in Nanjing Iron & Steel
State-owned Chinese conglomerate CITIC Limited said on Sunday it will buy a 55% stake in Nanjing Iron & Steel Group, one of the country’s top specialty steel producers, beating out top private steelmaker...
JSL buys 49% stake in Indonesian nickel co
Jindal Stainless Ltd (JSL) has picked up a 49% stake in Indonesian metals company, New Yaking Pte. Ltd, for about $157 million ( ₹1,233 crore), it said in a statement on Tuesday. The joint venture will allow JSL to...
Tata Steel acquires shares worth ₹300 cr in NINL, shareholding increases to 5.23%
Tata Steel on Wednesday announced that it has acquired shares amounting to ₹300 crore in Neelachal Ispat Nigam Ltd, which is an indirect subsidiary of the company. Tata Steel on February 21, 2023, has subscribed to...
Merger of seven subsidiaries with Tata Steel to be completed by FY24, says CEO Narendran
The merger of 7 subsidiary companies with Tata Steel is expected to be completed in 2023-24 fiscal year, its CEO and managing director T V Narendran said. In September 2022, Tata Steel board had approved a proposal to...
