Russian steel pipe maker TMK plans to complete the sale of its U.S. subsidiary IPSCO Tubular in January, Interfax news agency reported on Wednesday, citing TMK controlling shareholder Dmitry Pumpyansky. TMK agreed in...
ArcelorMittal to sell 50% stake in GCL to DryLog
ArcelorMittal on Monday said it has signed a share purchase agreement with DryLog Ltd (DryLog) for the sale of a 50% stake in Global Chartering Limited (GCL), its wholly-owned shipping business, and will subsequently...
Essar verdict may drive more investments into distressed assets space
The recent verdict of the Supreme Court on Essar Steel’s insolvency resolution process, which upheld the primacy of secured creditors, will drive global investments into India’s distressed assets market as it will...
NCLAT dismisses ArcelorMittal plea over EPC Construction
The NCLAT on Monday dismissed global steel major ArcelorMittal’s petition, challenging approval of Royale Partners Investment Fund’s resolution plan by the creditors of debt-ridden EPC Construction India Ltd...
ArcelorMittal, Nippon Steel complete acquisition of Essar Steel
ArcelorMittal, the world’s biggest steelmaker, on Monday said that it has completed the acquisition of Essar Steel India Limited (ESIL), which at Rs 42,000 crore is the largest stressed-asset deal to be closed in the...
Essar deal to expedite recoveries: Rajnish Kumar, SBI chairman
State Bank of India is set to get about Rs 12,161 crore as the largest acquisition through the three-year-old Insolvency and Bankruptcy Code (IBC) is completed on Monday. Essar Steel’s sale to the Arcelor Mittal-Nippon...
ArcelorMittal initiates Rs 42,000 cr payment for Essar Steel acquisition
Global steel giant ArcelorMittal has initiated payment for acquisition of debt-ridden Essar Steel for Rs 42,000 crore, sources said on Friday. The decks for acquisition of Essar Steel by L N Mittal-led company was...
Arcelor, Thriveni in bidding war for pipeline integral to Essar Steel
ArcelorMittal is facing stiff competition in its bid for Odisha Slurry Pipeline Infrastructure Ltd (OSPIL), an insolvent company whose single asset could cut the cost of production at Essar Steel by a fifth. Thriveni...
Commodities tycoon Gupta still ready to buy British Steel: sources
British commodities tycoon Sanjeev Gupta is ready to bid for British Steel if an offer from China’s Jingye Group falls through, two sources close to the matter have said. Earlier this month, Jingye Group announced a...
SAIL awaits ArcelorMittal response to take JV plans forward
SAIL is awaiting a response from ArcelorMittal regarding setting up a joint high-end automotive steel plant in India for which its board had given a go-ahead about two years ago, a top company official of the state-run...
Long turnaround road ahead for Lakshmi Mittal and Essar Steel
In 2006, Lakshmi Niwas Mittal wrapped up his $32 billion acquisition of French steel giant Arcelor – with geopolitical implications that involved the premiers of several countries – in less than 6 months...
Completion of Essar Steel acquisition expected before the end of the year: ArcelorMittal
ArcelorMittal on Monday said “completion of the Essar Steel transaction is now expected before the end of the year,” following the receipt and review of the formal written order, ArcelorMittal India Private...
