ArcelorMittal on Tuesday said it was eligible under the Insolvency & Bankruptcy Code to bid for Essar Steel as it was not a promoter of Uttam Galva and KKS Petron, and had already offloaded its shares before submission of the bids.
Mint reported that ArcelorMittal India Ltd. was eligible to submit a bid for Essar Steel on the date of application as the company was till then no longer associated with Uttam Galva Steels Ltd, said lawyer Abhishek Manu Singhvi, appearing for ArcelorMittal on Monday.
ArcelorMittal’s South African unit has agreed to sell its half of Macsteel to a company founded by billionaire Eric Samson, which owns the other 50%
ArcelorMittal transfers Rs 7,000 cr to State Bank of India to clear dues of loan defaulter Uttam Galva Steel
The world’s largest steelmaker ArcelorMittal has transferred Rs 7,000 crore to State Bank of India (SBI) to clear bank dues of loan defaulter Uttam Galva Steels so that it becomes eligible to bid for acquisition of Essar Steel, a person in know of the development said.
India’s new bankruptcy law is being bogged down by bitter court room disputes that include the likes of ArcelorMittal and the Tata Group — jeopardizing the law’s promise of time-bound resolution in a country famous for its sluggish legal system.
Steel tycoon Lakshmi N Mittal’s son Aditya Mittal has said he is working “very closely” with his father to shape the future direction of ArcelorMittal and is looking for strategic global opportunities rather than just expansion for the sake of expansion.
Global steel giant ArcelorMittal today said it has received a go-ahead from the European Commission (EC) to acquire Italian steelmaker Ilva.
The world’s largest steel maker ArcelorMittal today asserted that its bid for debt-laden Essar SteelNSE 0.00 % is “eligible” and indicated that any pay off towards outstanding dues of Uttam Galva, a firm in which it was a minority shareholder till sometime back, would be a “goodwill gesture”.
The first round of resolution plans submitted for Essar Steel Ltd saw ArcelorMittal India offer greater value than competitor Numetal Mauritius, bankers in the know told BloombergQuint on condition of anonymity.
ArcelorMittal’s bid for Essar Steel in the first round of bidding for the stressed asset is likely to be higher than that of Numetal.