The committee of creditors to Essar SteelNSE 0.00 %, led by the State Bank of India, has filed an application at the National Company Law Appellate Tribunal (NCLAT) seeking the disposal of the insolvency case within the...
Steel
Lenders reject Arcelor’s bid to buy Essar firm at 93% discount
Lenders to EPC Constructions India Ltd, an Essar group firm, have called for fresh bids after rejecting an offer from ArcelorMittal SA because they found it too low, said a banker aware of the development...
Bar Liberty House from any resolution process: Amtek Auto CoC
The Committee of Creditors (CoC) of Amtek Auto have sought to bar Liberty House from bidding for any insolvent company. In their application seeking to invoke section 74 of Insolvency and Bankruptcy Act (IBC)...
SAIL asks ArcelorMittal to expedite JV agreement process
SAIL NSE 6.12 % has asked ArcelorMittal to expedite the process for signing a definitive agreement to set up a joint venture for high-end automotive steel plant, a senior official said Friday. Steel Minister Chaudhary...
Sarda Energy may bid with SSG for 2 units of Uttam Galva Steels
Sarda EnergyNSE 0.17 % & Minerals (SEM) may try to acquire distressed companies Uttam Value Steels and Uttam Galva Metallics by bidding jointly with Hong Kong-based SSG Capital Management, two people aware of the...
Thyssenkrupp steel boss Andreas Goss to lead joint venture with Tata Steel
Tata SteelNSE 0.05 % and ThyssenKrupp AG on Monday announced the top leadership team for their proposed joint venture in Europe. Andreas Goss, currently CEO of ThyssenKrupp’s Steel division, has been designated as...
CCI approves Tata Sponge Iron’s acquisition of Usha Martin’s steel business
The Competition Commission has cleared Tata Sponge Iron’s acquisition of steel business of Usha Martin for Rs 43-47 billion. In October, Tata Steel had said its subsidiary, Tata Sponge Iron Ltd (TSIL), will...
Banks, ArcelorMittal oppose Essar Steel proposal
Lender banks, as well as the Lakshmi Mittal-led ArcelorMittal Monday, opposed the debt settlement proposal made by the shareholders of Essar Steel, claiming that it is against the Supreme Court order as well as the...
Tata Steel BSL raises Rs 12,000 crore to refinance
Tata Steel BSL, formerly known as Bhushan Steel, has raised Rs 12,000 crore to refinance a bridge loan, or stop-gap credit facility, availed to fund Tata Steel’s acquisition of the Delhi-based company in the insolvency...
CCI clears Nippon Steel’s 51% acquisition in Sanyo Steel
Competition watchdog CCINSE 0.00 % has cleared Japan-based Nippon Steel & Sumitomo Metal Corporation’s acquisition of 51 per cent shareholding in SanyoNSE 0.00 % Steel. Besides, the regulator has approved...
Standard Chartered Bank moves NCLT against CoC selecting Arcelor for Essar Steel
Standard Chartered Bank has filed an interlocutory application in the bankruptcy court against a panel of lenders selecting ArcelorMittal to takeover debt-ridden Essar Steel, saying the decision was “illegal” and was...
JSW steel shows interest in Asian Colour Coated Ispat
In line with its strategy of acquiring companies that specialise in value added steel products, JSW Steel has shown initial interest in the debt-laden Asian Colour Coated Ispat that is currently undergoing insolvency...
