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...
Steel
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...
Supreme Court clears Arcelor’s takeover of Essar Steel
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)...
