Essar resolution to have significant impact on financial ecosystem: Satish Gupta, Essar's Resolution Professional
"The resolution of Essar Steel with realisation of more than Rs 42,000 crore has significant impact on financial ecosystem. With availability of funds and committed additional infusion of Rs 8,000 crore by ArcelorMittal, Essar Steel’s under-utilised productive asset can now operate at its optimal level of production and enhance capacity utilisation," the resolution professional of Essar Steel said.
Arcelor Mittal’s Essar Steel buy may not severely hit other players
Arcelor Mittal’s debut in steel industry through acquisition of Essar Ste...
Ruias, Mittal lock horns over control of Hazira port
Sources said Essar wants to handle third-party cargo — commercial cargo from other indus...
ArcelorMittal to sell 50% stake in GCL to DryLog
The transaction is part of ArcelorMittal’s commitment to unlock up to $2 billion of value from its asset portfolio by mid-year 2021. The stake sale and JV formation will ultimately impact ArcelorMittal’s net debt by $530 million, with $400 million on completion and a further $130 million due in early 2020, said a statement of the world’s largest steel company.
ArcelorMittal sells shipping stake in drive to cut debt
ArcelorMittal said it expected to close the deal before the end of this year.
NCLAT passed several judgements in 2019 but many of them failed Supreme Court perusal
Though the National Company Law Appellate Tribunal (NCLAT) passed several orders/judgments in the insolvency and corporate matters in 2019 which include Tata-Mistry feud, Essar Steel, Jet Airways, IL&FS, Jaypee Infratech, and Reliance Communications, several of them failed to pass the scrutiny of the Supreme Court and were either set aside or modified.
Steel sector: Government aims to reduce imports; industry hopes for 'break out year'
After 2019 saw the domestic market grapple with surge in imports, increased dependence on imported coking coal from select countries, the steel ministry will be focusing on managing availability of iron ore as leases of a clutch of mines are scheduled to expire in March next year.
NCLAT dismisses ArcelorMittal plea over EPC Construction
ArcelorMittal India, subsidiary of the global steel major, had challenged it before the NCLAT contending that the action of the CoC is vitiated by "procedural irregularities rendering illegal approval". The steel major has contended that the resolution plan submitted by it was ex facie a better resolution plan selected by the CoC.
ArcelorMittal, Nippon Steel complete acquisition of Essar Steel
The deck for acquisition of Essar Steel for Rs 42,000 crore by L N Mittal-led company was cleared by the Supreme Court last month.
Odisha Slurry lenders pick ArcelorMittal bid
Odisha Slurry owes financial creditors Rs 3,300 crore, of which Rs 2,350 crore is the principal amount.
India's steel output falls for second straight month, declines 2.8% to 8.93 MT in Nov: Report
In October 2019, India had reported a 3.4 per cent fall in crude steel output at 9.089 MT as against 9.408 MT in the year-ago month, according to the global body.
Defaults in Asia set to rise with hot spots in China, India
As some economies in Asia slow, companies are left vulnerable to any tightening in liquidity. A rise in defaults would likely further weigh on investor sentiment, and raise the cost of borrowing for the riskiest firms.
ArcelorMittal initiates Rs 42,000 cr payment for Essar Steel acquisition
ArcelorMittal has initiated payment for acquisition of debt-ridden Essar Steel for Rs 42,000 crore.
Lakshmi Mittal takes stock of Essar Steel plant on first visit to Hazira
Turnaround plan includes an Rs 8,000-cr investment in improving ops, pushing up annual shipments. Nippon Steel president Eiji Hashimoto said the two partners wanted to make the company the best in India. ArcelorMittal executives said the plant being port-based would give an advantage in transporting raw materials and finished products.
Essar deal to expedite recoveries: Rajnish Kumar, SBI chairman
"We are getting a write-back of more than Rs 12,000 crore and it will directly go to our profit and loss account, in the pre-provision operating profit to be exact. We plan to use this money to shore up our capital and provisions. We have been making provisions all along but RBI norms on provisions are strict, so we will shore up provisions," said Rajnish Kumar.
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