JSW Steel has sought immunity from future litigations against Bhushan Power & Steel for any illegal activity under the previous management amid reports of alleged bank fraud by former promoters of the troubled...
Essar insolvency ruling risks damage to India debt market
India’s insolvency tribunal has made a dangerous decision. Unless its judgment is quashed, credit costs for India Inc. will surge, shares of state-run banks will swoon and foreign investors will flee. The case concerns...
Not backing out from buying Bhushan Power, but anxious about alleged fraud reports: JSW tells NCLT
JSW Steel on Monday told the National Company Law Tribunal that the company is not backing out from the ongoing resolution process of Bhushan Power & Steel despite reports of alleged fraud by its former promoters...
NCLAT to hear ArcelorMittal’s plea on EPC Construction on August 8
The NCLAT on August 8 will hear global steel major ArcelorMittal’s plea, challenging Royale Partners’ bid to acquire EPC Construction India Ltd (ECIL), currently under insolvency proceedings. A three-member...
No final decision yet on sale of land to JSW Steel, says Minister Priyank Kharge
The four-member Cabinet Sub-Committee set up by the State Government to give its views on the sale of land to JSW Steel in Sandur taluk of Ballari district has not arrived at any decision on the subject, Social Welfare...
Thyssenkrupp weighs elevator stake sale as buyers circle
ThyssenKrupp AG has received interest from competitors and buyout firms for a stake in its 15 billion-euro ($16.8 billion) elevator unit, prompting the German industrial firm to explore a sale alongside its planned...
SAIL reinvites EOIs to sell three loss-making units
In order to get rid of three operational loss-making units, Steel Authority of India (SAIL) has invited expressions of interest (EoIs) from potential bidders for outright sale of these units. A similar attempt in 2017...
Tata Steel to subscribe up to 90% of Tata Sponge Rs 1,650 cr rights issue
Tata Steel will subscribe up to 90 per cent of the Rs 1,650 crore rights issue of Tata Sponge. In an intimation to the stock exchanges, Tata Sponge has informed that its promoter (Tata Steel) has undertaken that it will...
NCLAT clears ways for takeover of Essar Steel by ArcelorMittal
The appellate bankruptcy court on Thursday approved ArcelorMittal’s Rs 42,000-crore offer for Essar Steel, rejecting its former promoters’ claim that the Luxembourg-based steelmaker was ineligible to acquire the Indian...
Tata Steel set to raise $500 million via foreign loans
Tata Steel is raising as much as $500 million through syndicated overseas loans to fund expansion and refinance debt, said people with knowledge of the matter. Three-fourths of the amount will be used for the Rs 23,500...
Liberty Steel acquires ArcelorMittal assets in Europe for 740 million euros
Liberty Steel Monday said it has acquired seven steel making units and five service centres from L N Mittal’s ArcelorMittal in Europe for 740 million euros (around Rs 5,782 crore), according to a company statement...
Network Rail makes indicative offer for some British Steel assets
Britain’s Network Rail said on Sunday it has made an indicative offer for some “railway critical” assets of British Steel, the country’s second-largest steel producer which went into liquidation last month. State-owned...
