The Karnataka High Court has rejected a Mysore Minerals Ltd (MML) plea to add a counterclaim of about ₹1,172.79 crore to a petition of JSW Steel Ltd, which is seeking a refund of about ₹272 crore from the state-owned...
Steel
Govt to sell up to 10% equity in SAIL through offer for sale
The government will sell up to 10% equity in Steel Authority of India or SAIL through an offer for sale slated for January 14 and January 15. The government will sell 5% equity in the central public sector enterprise...
Nithia Capital and CarVal Investors complete acquisition of stressed assets of Uttam Group for ₹2,000 crore
UK-based stressed asset management companies, Nithia Capital and CarVal Investors, announced Tuesday that they have completed the acquisition of Uttam Galva Metallics Limited (UGML) & Uttam Value Steel Limited...
Sale of SAIL’s units may not fill Centre’s coffers
A planned strategic sale of two Steel Authority of India Ltd (SAIL) plants expected to be completed by 31 March will not add to the government’s divestment receipts for this fiscal, a finance ministry official said on...
JSL, Jindal Stainless (Hisar) boards approve merger in share swap of 1:1.95
The Boards of Jindal Stainless Limited (JSL) and Jindal Stainless (Hisar) Limited (JSHL) today approved the merger of JSHL into JSL in a share swap ratio of 1:1.95. “The merger of JSHL in to JSL will induce a simplified...
JSW Steel to acquire 31% stake in Italy’s GSI Lucchini
JSW Steel’s Italian subsidiary has signed an agreement to acquire the remaining 30.73 per cent stake in GSI Lucchini SpA of Italy for one million euros (about Rs 9 crore). The balance share capital of GSI is...
Liberty Group buys SBQ Steels in its second bankruptcy acquisition
The UK based Liberty group has acquired the bankrupt 0.25 million tonnes SBQ Steels, culmulating a three year process in which the company was put into liquidation after inital efforts to sell it failed. Liberty paid Rs...
Rio Tinto to invest $10 million in low-carbon steel with China’s Baowu
Rio Tinto Ltd said on Wednesday it plans to invest $10 million in low-carbon steelmaking projects over the next two years in an effort to fight climate change with China Baowu Steel Group. The investment will be used to...
JSW & lenders working out compromise to complete BPSL deal
JSW Steel’s higher offer to complete the Bhushan Power and Steel Ltd (BPSL) bankruptcy resolution is a part of a compromise formula being worked out by lenders and the Sajjan Jindal led steel company to ensure...
Liberty Steel to start due diligence on Thyssenkrupp steel business
Liberty Steel, which last month announced a non-binding indicative offer for Thyssenkrupp Steel Europe, will soon start looking into its financial records, it said on Wednesday. “Liberty Steel will shortly begin a...
JSW Steel to acquire 26.45% stake in JSW Vallabh Tinplate for Rs 35 crore
JSW Steel has entered into a legally binding share purchase agreement to acquire the remaining 26.45% stake of JSW Vallabh Tinplate for a total sum of Rs 35 crore from the existing third party shareholders as it will...
Tata Steel evinces interest in assets of Odisha-based NINL
Tata Steel on Tuesday evinced its interest for acquiring stake in Odisha-based steel maker Neelachal Ispat Nigam Ltd (NINL). NINL is a joint venture company, in which four central PSUs — MMTC, National Mineral...
