ArcelorMittal emerged as the sole-bidder for Essar Group firm, EPC Constructions India Ltd, with a bid of ₹500 crore, against outstanding loans of ₹7,268 crore, said two bankers aware of the bid.
Following several operational creditors challenging the decision of Essar Steel’s Committee of Creditors (CoC) to sell the debt-ridden steel major to ArcelorMittal at the National Company Law Tribunal (NCLT), Standard Chartered Bank (SCB) has followed suit.
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 taken without considering its claims.
For two years, ArcelorMittal has been investing to improve the energy efficiency of the Florange site. A new steam production unit has just been inaugurated. Heat capture projects are underway.
The resolution process for Essar Steel’s bankruptcy is getting entangled each coming day. As soon as the Committee of Creditors (CoC) chose Lalshmi Mittal’s ArcelorMittal as Essar Steel buyer, a massive list of 29 operation creditors
New twist in Essar Steel IBC case! This operational creditor wants Ruias’ offer over ArcelorMittal; here’s why
Weeks after the Committee of Creditors (CoC) of bankrupt Essar Steel selected the take-over bid submitted by ArcelorMittal, arguably ignoring last-minute settlement offer made by the company’s stakeholders
Rs 30,000 Crore Steel Plant In Karnataka’s Mineral Heartland: ArcelorMittal Revives Ballari Plant Proposal
World’s largest Steel Maker ArcelorMittal, which had shelved its plans for a six-million-tonne per annum (MTPA) steel plant in Ballari at an estimated investment of Rs 30,000 crore two years ago due to lack of raw material linkage
The Gujarat government is set to lose as much as ₹1,150 crore if the dedicated bankruptcy court upholds the committee of creditors’ recommendation to accept the resolution plan of ArcelorMittal to acquire Essar Steel Ltd, said two senior officials close to the development.
ArcelorMittal’s acquisition of Essar Steel is a done deal despite attempts by erstwhile promoters, the Ruias, to retain the asset, said bankers with knowledge of the matter. On the other hand, a final decision on the matter may be delayed
ArcelorMittal said on Friday that Essar Steel creditors voted in favour of its Rs 42,000-crore bid and have issued a letter of intent to sell the asset to the company. The development indicates that the lenders haven’t entertained the Ruia family’s Rs 54,389-crore last-minute