After braving tough legal challenges to emerge as the successful resolution applicant for Essar Steel, the worlds largest steel maker ArcelorMittal might now face a tough challenge to go ahead with the buyout of a fully integrated steel facility in India amidst falling steel power and bleak outlook for the sector.
JSW Steel Ltd will take over Bhushan Power & Steel from Sanjay Singal after the National Company Law Tribunal (NCLT) on Thursday approved its bid of Rs 19,700 crore. Bhushan Power was taken to NCLT on RBI direction after it defaulted on loans of Rs 47,000 crore to 33 banks.
India’s steel demand is set to slow to a mid-single digit range due to weak demand for the alloy from the automobile and manufacturing sectors, according to financial services firm Moody’s.
Mukesh Ambani-led Reliance Industries’ recent announcement on selling a part of its oil-to-chemicals business to Saudi Aramco and fuel marketing business to BP will help the company reduce its net debt by $16 billion, Moody’s Investors Service said in a report today.
Reliance-Aramco Deal: Reliance Industries chairman Mukesh Ambani’s decision to sell 20 percent stake of RIL’s oil-to-chemical business to Saudi national oil company Aramco will integrate Indian consumers with the world’s largest crude oil producer
The Supreme Court on Wednesday gave a week’s time to the operational creditors of bankrupt Essar Steel to challenge the new amendments to the Insolvency and Bankruptcy Code, which granted more powers to the lenders.
Mukesh Ambani-led Reliance Industries has jumped 42 places to become the highest-ranking Indian firm on the Fortune Global 500 list. State-owned Indian Oil Corp (IOC) had been the top-ranked Indian company on the list and was first on the Fortune India 500 list which was started in 2010.
ArcelorMittal, which was declared the highest bidder for debt-laden Essar Steel, on Thursday moved the Supreme Court against a part of the order of the National Company Law Appellate Tribunal (NCLAT)
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.
The State Bank of India-led committee of creditors (CoC) of the debt-laden Essar Steel on Friday approached the Supreme Court, challenging last week’s National Company Law Appellate Tribunal (NCLAT) order that reduced its share of the sale proceeds from 90% to 60%,