German conglomerate Thyssenkrupp AG has stepped up efforts to sell its Industrial Solutions unit, which builds plants and industrial sites, the Financial Times newspaper reported on Sunday. China’s state-owned companies...
Steel
Arcelor Mittal’s Essar Steel buy may not severely hit other players
Arcelor Mittal’s entry through its acquisition of Essar Steel is likely to intensify competition in the domestic steel sector but there is still headroom for steel players to increase capacities with consumption demand...
Cabinet gives in-principle nod to strategic sale of Neelachal Ispat
The government on Wednesday in-principle approved strategic sale of Neelachal Ispat Nigam Ltd (NINL) by allowing six PSUshareholders to sell their stake in the steel company. A decision in this regard was taken in the...
NCLAT gives Liberty House a last chance in Adhunik takeover
The National Company Law Appellate Tribunal (NCLAT) has given UK-based Liberty House group one more chance to offer a resolution plan for bankrupt Adhunik Metaliks and Zion Steel. In an order issued on 7 January, the...
Jindal Steel promoter OPJ Trading raises funds from Centrum Credit
OPJ Trading Pvt. Ltd, the main promoter entity of Naveen Jindal’s Jindal Steel and Power Ltd (JSPL) has raised around ₹180 crore in fresh debt from Centrum Credit Opportunities Fund, said a senior executive of the fund...
Despite IBC changes, JSW may go slow on Bhushan Power and Steel buy
India’s second-largest private steelmaker, JSW Steel Ltd, may go slow on buying bankrupt Bhushan Power and Steel Ltd, despite the cabinet on Tuesday approving an ordinance to ring fence successful bidders from criminal...
Russia’s TMK to complete IPSCO sale in January: Interfax
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...
