Jindal Steel and Power (JSPL) has acquired bankrupt Monnet Power for ₹410 crore at an auction held last month, said two people aware of the development. Adani Power and J Kumar Infraprojects were also in the fray to...
Govt invites bids for privatisation of NMDC’s Nagarnar Steel Plant
The government on Thursday invited preliminary bids for the strategic sale of NMDC’s Nagarnar Steel Plant. The last date for submitting bids for NMDC Steel Ltd is January 27, 2023, while the last date for...
NCLT admits SBI’s plea seeking insolvency proceedings against steelmaker Reform Ferro
The bankruptcy court has allowed the State Bank of India’s petition seeking to initiate insolvency proceedings against Kolkata-based steelmaker Reform Ferro Cast and appointed Arun Kumar Gupta as its interim...
AM/NS India completes Rs 16,500 cr acquisition of Essar group infra assets
ArcelorMittal Nippon Steel India (AM/NS India) – a joint venture between ArcelorMittal and Nippon Steel – has closed a Rs 16,500-crore ($2.05 billion) deal to acquire Essar group’s port and power assets. With this...
NCLAT allows Jindal Stainless to bid for Rathi Super Steel
Appellate tribunal NCLAT has upheld the NCLT order to allow Jindal Stainless to participate in the auction of debt-ridden Rathi Super Steel even after a bidder was selected. The National Company Law Appellate Tribunal...
AM Mining India completes acquisition of debt-ridden Uttam Galva Steels
AM Mining India Pvt Ltd, part of ArcelorMittal and Nippon Steel joint venture, on Thursday completed the acquisition of Uttam Galva Steels Ltd, a downstream steel manufacturer in Maharashtra. This follows the recent...
Jindal Saw set to acquire Sathavahana Ispat under IBC for Rs 530 crore
Jindal Saw, promoted by Prithviraj Jindal, emerged the highest bidder offering about Rs 530 crore for Sathavahana Ispat, undergoing corporate insolvency, said two people aware of the development. Billionaire Anil...
Phoenix ARC makes highest offer of Rs 405 crore for Mittal Corp under Swiss auction
Kotak Mahindra Bank-backed Phoenix Asset Reconstruction Company emerged as the highest bidder for Mittal Corp at a Swiss challenge auction, triggered by a binding bid from the government-promoted bad bank, said two...
Capri Global enters the race for twin Srei companies
Lenders to twin Srei companies have passed a resolution to include Capri Global Holding Pvt Ltd as a prospective resolution applicant, said two people aware of the development. Following the inclusion of Capri Global...
NCLT approves ArcelorMittal subsidiary’s resolution plan for Uttam Galva Steel
The bankruptcy court approved the resolution plan of the global steel firm ArcelorMittal’s local subsidiary for debt-laden Uttam Galva Steels Ltd. The Mumbai bench of the National Company Law Tribunal (NCLT), presided...
Tatas mull exit from UK steel business in absence of govt support
Tata Sons is considering Tata Steel’s exit from its UK business with little hope of a £1.5 billion subsidy package for the proposed transition to green energy from the British government led by Liz Truss, said...
Privatisation of SAIL’s Bhadravathi steel plant scrapped
The Centre Wednesday scrapped the privatisation process of SAIL subsidiary Bhadravathi steel plant citing insufficient bidder interest. “Due to insufficient bidder interest in proceeding further with the...
