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...
NCLT approves merger of Jindal Stainless and Jindal Stainless (Hisar)
Jindal Stainless has received regulatory approval for its merger with Jindal Stainless (Hisar) from the National Company Law Tribunal. The iron and steel company, in its filing with the exchanges, today said...
Govt plans to invite EoIs for divestment of RINL by Jan-end
The government is planning to invite expressions of interest for the divestment of Rashtriya Ispat Nigam Limited (RINL) and its subsidiary by the end of January 2023. Tata Steel, JSW Steel and Adani Group have shown...
Government working out transaction structure of RINL strategic sale, says DIPAM Secretary
The government is working out the transaction structure for the strategic sale of RINL or Vizag Steel, DIPAM Secretary Tuhin Kanta Pandey said on Friday. The Cabinet Committee on Economic Affairs had in January 2021...
