Naveen Jindal-owned Jindal Steel and Power Ltd has accepted a binding offer to sell its entire stake in Jindal Shadeed Iron and Steel Co LLC (JSIS Oman) to promoter company Templar Investments Ltd. JSIS Oman was held...
Steel
ArcelorMittal to invest Rs 2,000 cr in Odisha, says Lakshmi Mittal
ArcelorMittal’s chairman & chief executive officer Lakshmi Mittal has pledged Rs 2,000 crore investment in Odisha. Though the chief of the world’s largest steel company didn’t spell out the specifics, the...
SAIL partners with Apollo Hospitals for healthcare services to employees, their families
State-owned Steel Authority of India Ltd (SAIL) on Wednesday said it has tied up with Apollo Hospitals to provide healthcare services to its employees and their families amid the COVID-19 pandemic. Earlier, the company...
M&M looks to exit JV with Japan’s Sanyo Special, Mitsui
Automaker Mahindra & Mahindra is in talks to sell 29% stake in its speciality steel joint venture (JV) back to its two existing partners, Japan’s Sanyo Special Steel Co and Mitsui Corp, as it looks to exit from non...
House cleaning at Thyssenkrupp could start M&A wave
Steel-to-submarines conglomerate Thyssenkrupp has changed the structure of its sprawling empire, splitting operations into three categories as it seeks to simplify the business, stop cash burn and revive its battered...
Thyssenkrupp in talks with peers over steel business – source
German ailing conglomerate Thyssenkrupp is in talks with international peers about consolidating its loss-making steel business, a person familiar with the matter said. The talks, to be unveiled as part of a strategy...
US proposes India’s Hindalco-owned Novelis to divest investment in aluminium major Aleris
The US Department of Justice is proposing a federal court to order Hindalco-owned American company Novelis to divest all its stakes in aluminium major Aleris due to the competitive concern with such an acquisition, an...
Tata Steel may demerge UK, Dutch units
Tata Steel units in the UK and Netherlands may be on the verge of breaking apart, some 20 years after British Steel merged with Dutch steel major Hoogovens to form Corus, recent reports have said. With the British arm...
NCLT refuses petition against India Steel
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...
