The Supreme Court on Friday paved the way for global steel giant ArcelorMittal to take over Essar Steel by upholding the primacy of financial creditors in the distribution of funds received under the corporate...
Italy files appeal to stop ArcelorMittal walking away from Ilva
Italy’s government filed an urgent court appeal on Friday to try to stop ArcelorMittal walking away from a 2018 deal to buy the troubled Ilva steel plant, as a union said the group was preparing to leave on Dec 4...
Why Supreme Court ruling today on Essar Steel will test the IBC
The Supreme Court’s final decision on the resolution of bankrupt Essar Steel on Friday will have far-reaching ramifications for India’s insolvency code. The apex court will decide how the resolution proceeds are to be...
JSW’s Bhushan Power acquisition in deep freeze as ED refuses to relent
JSW Steel, looking to acquire bankrupt Bhushan Power and Steel Ltd (BPSL), might have a longish wait. The National Company Law Appellate Tribunal (NCLAT) had directed the government’s Enforcement Directorate (ED)...
Tata Steel subsidiary to sell entire stake in Southeast Asian firm
Tata Steel’s step-down subsidiary NatSteel HoldingsPte Ltd (NSH) has executed definitive agreements with Vietnam-based Thai Hung Trading Joint Stock Company to divest its entire equity stake of 56.5% in NatSteel...
Tata Steel subsidiary to sell entire stake in NatSteel Vina for Rs 36 crore
Tata Steel on Monday said its subsidiary NatSteel Holdings Pte (NSH) has agreed to sell its entire 56.5 per cent stake in NatSteel Vina (NSV) for about Rs 36 crore to a Vietnam-based Thai Hung Trading Joint Stock...
Liberty House’s Sanjeev Gupta to merge steel operations
British commodities tycoon Sanjeev Gupta will merge his family’s steel operations by the end of the year into a new entity, the Liberty Steel Group, to be ready for a potential listing, he said on Tuesday. Other...
NCLAT asks ED to release BSPL assets, stays Rs 19,700-cr sale to JSW Steel
The National Company Law Appellate Tribunal (NCLAT) directed the Enforcement Directorate (ED) to release assets of Bhushan Power and Steel Ltd. (BPSL) attached as part of investigations into alleged loan fraud and money...
ED’s Bhushan Power & Steel move vindicates stand: JSW
The Enforcement Directorate’s (ED) move to attach the properties of Bhushan Power & Steel (BPSL) is a “vindication” of its stand, JSW Steel said on Sunday. India’s second-largest steelmaker has offered to acquire...
Tata Steel mulls stake sale in e-commerce JV mjunction Services: Report
Tata Steel Ltd. is weighing a sale of its stake in an e-commerce joint venture as India’s largest steel manufacturer looks to offload non-core assets to pare debt, people with knowledge of the matter said. The company...
South Korea’s Posco continues exploring joint venture possibility with RINL
Having stumbled earlier on its plans to set up a plant in India due to a struggle against land acquisition, South Korean steel giant POSCO is again turning to the country’s growing steel market but this time...
Centre asks NINL shareholders to infuse working capital till divestment happens
The Centre has decided that all shareholders of loss-making steelmaker Neelachal Ispat Nigam Ltd (NINL) will infuse capital proportionate to their stakes to keep the company running until its disinvestment, people aware...
