National company law tribunal has refused to admit insolvency petition filed by India Resurgence Asset Reconstruction Company, a joint venture between Piramal Enterprises and Bain Capital against Indian Steel...
NCLT approves resolution plan for stressed companies of Uttam Galva
India’s dedicated bankruptcy court Thursday approved a resolution plan for Uttam Galva Metallics and Uttam Value Steels, paving the way for their lenders to get back about Rs 2,700 crore – or nearly 37 per cent of the...
JSPL plans to sell stake in Oman Assets
Jindal Steel & Power (JSPL) is scouting for a strategic partner to offload part of its stake in its subsidiary in Oman, marking a significant shift from its earlier plan for an IPO as the Covid-19 pandemic impacts...
NCLT nods CarVal’s Rs2,300 cr bid for Uttam Value Steel, Uttam Galva Metallics
The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the sale of Uttam Value Steel Ltd and Uttam Galva Metallics to a joint consortium of CarVal Investors and Nithia Capital Resources Advisors for...
London court dismisses ArcelorMittal appeal against Essar
The Court of Appeal in London has dismissed an application filed by ArcelorMittal seeking permission to appeal against the London High Court’s judgment that refused a worldwide freezing order against the parent...
Thyssenkrupp in talks with local rivals about possible warship unit merger
German conglomerate Thyssenkrupp is in talks about possibly merging its subsidiary ThyssenKrupp Marine Systems (TKMS) with a domestic rival to create a national champion. The Thyssenkrupp board member in charge of the...
Novelis Inc gets nod to complete acquisition of Aleris
Hindalco Industries on Thursday said its overseas subsidiary Novelis Inc has received the final clearance to complete the acquisition of Aleris Corporation. Aleris Corporation is a global supplier of rolled aluminium...
London court dismisses ArcelorMittal plea against Essar
A UK court has refused to issue a worldwide freezing order against the parent company of Essar Steel Ltd and members of promoter family – Ravi and Prashant Ruia. The order came as steelmaker ArcelorMittal looked...
ArcelorMittal, Nippon Steel sign $5.14 billion loan pact to refinance Essar Steel buy
AMNS Luxembourg Holding S.A., the joint venture between Nippon Steel Corporation and ArcelorMittal has entered into a $5.14 billion (about Rs 38,000 crore) term loan agreement to refinance a loan taken for acquiring the...
Salzgitter not talking about tie-ups with Thyssenkrupp: CEO
German steelmaker Salzgitter is not discussing any partial or full merger scenarios with larger peer Thyssenkrupp, its CEO said, adding the group remained open to the idea of consolidation if it makes sense. Steelmakers...
JSW Steel in quandary as Apex Court agrees to hear Bhushan Power promoter’s plea
Bankers agree to return JSW Steel money if it loses the case In a interesting twist, the Supreme Court had accepted the petition filed by Bhushan Power and Steel promoter Sanjay Singal against JSW Steel’s bid to take...
ArcelorMittal signs deal to suspend plans to exit Ilva steelworks
ArcelorMittal said on Wednesday it had signed a deal that would see a significant injection of Italian state funding into the Ilva steelworks and would suspend a bid to walk away from the troubled plant, which it took...
