• Tag results for Essar Steel

Competition Commission approves ArcelorMittal's acquisition of Essar Steel

ArcelorMittal and Numetal are in the race to acquire Essar Steel, currently undergoing insolvency proceedings as it owes more than Rs 45,000 crore to over 30 banks.

published on : 20th September 2018

Essar Steel acquisition: ArcelorMittal writes letter targeting Vedanta, withdraws later

ArcelorMittal, which is competing against Russia's VTB Group-backed Numetal Ltd and Vedanta for the takeover of Essar Steel, on September 15 wrote a hard-hitting letter.

published on : 18th September 2018

SC to hear tomorrow plea of ArcelorMittal against NCLAT order on Essar Steel auction

The apex court refused urgent hearing for ArcelorMittal's plea for payment of Rs 7,000 crore by today for its second bid to become eligible.

published on : 11th September 2018

ArcelorMittal sweetens offer for Essar Steel; submits revised proposal to creditors' committee

The revised offer also includes a commitment to pay Rs 7,000 crore dues to the financial creditors of Uttam Galva and KSS Petron to be eligible in the race to acquire Essar Steel.

published on : 11th September 2018

Numetal gets NCLAT nod to bid for Essar Steel

Friday’s NCLAT order has prompted bankers like SBI to halt their proposed Essar debt sale process to asset reconstruction companies, in the hope of reaping better returns for investment.

published on : 8th September 2018

Second round bids by NuMetal, Vedanta for Essar Steel valid, says NCLAT

The NCLAT held that NuMetal was not related to promoters of Essar Steel and so was eligible for submitted a resolution plan for the company.

published on : 7th September 2018

Ban orders at Odisha's Essar Steel factory

Jagatsinghpur district administration on Tuesday clamped prohibitory orders under Section 144 of CrPC at Essar factory’s main gate to prevent any untoward incident.

published on : 27th June 2018

NCLAT agrees to hear NuMetal, ArcelorMittal petitions in Essar Steel case

ArcelorMittal wanted NuMetal bid be rejected because its backers include a company controlled by the son of a billionaire Essar Steel founder.

published on : 27th April 2018

Villagers cry neglect by district administrator, Essar Steel

Hundreds of villagers of Handia under the banner of Gramya Surkhya Samiti staged dharna in front of Essar plant to press their nine-point charter of demands on Tuesday.

published on : 4th April 2018

Essar Steel: ArcelorMittal drags bankers' rejection to NCLT 

ArcelorMittal has challenged the committee of creditors' last week decision to reject its bid for Essar Steel on technical grounds at the Ahmedabad bench of the NCLT.

published on : 26th March 2018

Essar Steel auction to restart after Numetal, Arcelor’s bids rejected

On Wednesday, lenders, who are seeking to recover part of the Rs 49,000 crore worth bad debt, have decided to re-invite bids from all six bidders to start the process afresh.

published on : 22nd March 2018

ArcelorMittal to form joint venture with Nippon Steel to buy India's Essar Steel

ArcelorMittal said its India unit would form a joint venture with Nippon Steel & Sumitomo Metal Corp to buy Essar Steel India Ltd, which is undergoing bankruptcy proceedings.

published on : 2nd March 2018

ArcelorMittal hits a roadblock in bid for Essar Steel assets

According to Section 29 A of the new Insolvency and Bankruptcy Code (IBC) framework, promoters of defaulting companies are barred from bidding for stressed assets.

published on : 17th February 2018

Tatas, ArcelorMittal among global players eyeing acquisition of debt-ridden Essar Steel: Sources

Essar Steel India is undergoing Corporate Insolvency Resolution Process (CIRP) under the provisions of Insolvency and Bankruptcy Code.

published on : 29th October 2017