ArcelorMittal is exploring a joint offer with Resurgent Power Ventures Pte to buy an Essar Power generation plant in India, according to people with knowledge of the matter. The companies have held preliminary talks on...
UK high court orders British Steel into liquidation
The UK high court on Wednesday ordered British Steel, the UK’s second largest steel producer into compulsory liquidation. A report by S&P Global Platts on Thursday said according to a statement from the...
NCLAT reserves order on ArcelorMittal takeover of Essar Steel
An appellate tribunal has reserved a final order on appeals against Arcelor Mittal’s Rs 42,000 crore resolution plan for debt laden Essar Steel. A two-member bench of the National Company Law Appellate Tribunal...
ArcelorMittal to pay Rs 42,000 cr for Essar Steel takeover
Global steel major ArcelorMittal Monday told the National Company Law Appellate Tribunal (NCLAT) that it would pay Rs 42,000 crore, including a minimum of guarantee of Rs 2,500 crore as working capital, for acquiring...
ArcelorMittal resolution plan violative of IB Code: Prashant Ruia to NCLAT
Prashant Ruia, the promotor of debt-ridden Essar SteelNSE 0.00 %, Wednesday submitted before the National Company Law Appellate Tribunal that the resolution plan moved by ArcelorMittal is in violation of the Insolvency...
Proxy advisory company reject JSW Steel scheme
A proposed employee benefit scheme facilitating acquisition of company shares by certain eligible employees of JSW Steel has fallen foul of proxy advisory firms such as SES that has asked shareholders to vote against...
Debt-laden Tata Steel may have to sell assets
With the plan to merge Tata Steel Europe (TSE) with German giant ThyssenKrupp’s steel unit in the continent abandoned, the brass at Tata Sons and Tata Steel may seek to recalibrate the latter’s highly leveraged...
NCLT gives a second chance to Ushdev’s Singaporean bidder
The National Company Law Tribunal (NCLT) Monday asked Singaporean investor Taguda to submit an fresh affidavit giving details of its resolution plan for steel trading firm Ushdev International that owes Rs 3,450 crore...
ThyssenKrupp sees room for EU agreement on Tata Steel deal
ThyssenKrupp said on Sunday it still saw scope for agreement with European antitrust regulators on a planned joint venture with Tata Steel despite a Financial Times report that Brussels was likely to block the deal...
NCLAT prepones hearing on Essar Steel to May 7
The National Company Law Appellate Tribunal (NCLAT) on Tuesday preponed its scheduled hearing over the resolution process of debt-ridden firm Essar Steel to May 7. The Committee of Creditors (CoC) of the company had...
Liberty seeks time, Committee of Creditor appeals for fresh Adhunik bid
The Committee of Creditors (CoC) for Adhunik MetaliksNSE 4.65 % Tuesday appealed to re-initiate the CIRP as Sanjeev Gupta-led Liberty House had not paid the required upfront cash payment of Rs 410 crore to lenders by...
Uttam value, Galva lenders ignored higher bid
Within days of CarVal Investors securing the support of lenders to Uttam Value and Uttam Galva Metallics, it has been learnt that the bankers to the distressed steel companies had ignored a higher bid from a consortium...
