Ruias-controlled Essar group on Thursday said it will delist its two steel and oil arms from stock exchanges to gain more flexibility in running the companies.
Seeking ArcelorMittal be declared ineligible to bid for Essar Steel, the petition cited Section 29A of the Insolvency and Bankruptcy Code which bars promoters of defaulting companies from bidding for stressed assets.
The Committee of Creditors have issued ArcelorMittal and its partner Japan's Nippon Steel & Sumitomo Metal Corp a Letter of Intent declaring them as the "successful applicant".
The NCLAT's order is offensive because it goes against every tenet of bankruptcy reorganisation. If Justice Sudhansu Mukhopadhyay's tenets are accepted by the Supreme Court, we will not only regress in modern bankruptcy reorganisation but also slide back in the Doing Business rankings, says Omkar Goswami.
Ruias owned Essar Steel on Monday announced that they have agreed to acquire Canadian Algoma Steel for an aggregate value of Canadian $1.8 billion (approx. US $1.58 billion) to be paid in cash.
Prashant Ruia, Essar Steel Ltd's managing director, said on Tuesday that demand from developing economies will continue to drive the global steel industry in future, with growth in China, Russia and India leading the way.
Essar Steel said on Monday it has joined hands with two state-run Vietnamese companies for setting up a two million tonne steel plant in southern Vietnam at a cost of $527 million (about Rs 23.71 billion).
Essar Power would invest Rs 4,000 crore (Rs 40 billion) for setting up a 1,000 MW coal-fired power plant in Chhattisgarh, a senior Essar group official said in Raipur on Tuesday.
The department of commerce may de-recognise the 247-hectare engineering special economic zone at Hazira, promoted by Essar Hazira SEZ Ltd.
Supreme Court on Tuesday granted bail to Soni Sori, a tribal teacher, and journalist Lingaram Kodopi in a case lodged against them for allegedly receiving money from Essar Group on behalf of Maoists.
Leading steel producers Tata Steel and state-owned Steel Authority of India Ltd on Tuesday agreed to hold their prices for 2-3 months after the government's top economic managers spoke out against the rising cost of steel and cement. Essar Steel said it too could look at a similar assurance. Finance Minister P Chidambaram told Parliament that cement and steel producers were acting like a cartel and the govt was looking at legal and administrative measures to deal with them.
Essar group on Friday announced the signing of a USD 2.4 billion (Rs 19,000 crore) deal to sell certain ports and power infrastructure to ArcelorMittal Nippon Steel in one of the largest post-pandemic merger and acquisition deals in India. In a statement, the Ruia-run firm said the deal also envisages a 50-50 joint venture between Essar and ArcelorMittal for building a 4 million tonnes a year LNG import terminal at Hazira in Gujarat. Without giving details, it only identified certain ports and power infrastructure that are primarily captive to operations of the Hazira steel plant, which was acquired by ArcelorMittal Nippon Steel (AM/NS) in 2018-19, as part of the deal.
Following price hike of Rs 500 per tonne by Steel Authority of India Ltd, other private producers on Monday announced hike in prices of hot rolled coils by the same amount.
Forest land measuring 1838.79 hectares in Odisha has been diverted for 15 industrial projects in the state between 2004 and 2013.
On June 30, mining and metals giant Vedanta, announced that it had decided to initiate a strategic review of its steel and steel-making raw material businesses. The review would begin immediately and evaluate a broad range of options, including but not limited to a potential strategic sale of some or all of the steel businesses, the company said in its stock exchange filing. The signs have been there - approaches had been made to steel players over the past year. Last December, Anil Agarwal, chairman Vedanta group, told Business Standard that the steel plant capacity was about 3 million tonnes (mt).
Iran has complained of irregular shipments
Tribal teacher Soni Sori and her activist-nephew Lingaram Kodopi were released from Jagdalpur jail on Thursday after the Supreme Court granted them bail following their arrest two years ago for allegedly receiving money on behalf of Maoists from a corporate house in Chhattisgarh.
The amendments give committee of creditors of a loan defaulting company explicit authority over the distribution of proceeds in the resolution process and fixes a firm timeline of 330 days for resolving cases referred to the IBC.
Royal Dutch/Shell on Tuesday said it plans to invest Rs 3,000 crore (Rs 30 billion) in setting up a bulk cargo and container terminal at Hazira port, where it has built an LNG receiving terminal.
A special court at Dantewada in Chhattisgarh has acquitted tribal activist Soni Sori and three others in a case lodged against them in 2011 for alleged transfer of 'protection money' to Naxals.
Essar Group has bid $150 million for taking over an Australian coal firm, Rocklands Richfields Ltd, bettering an earlier offer from Jindal Steel and Power Ltd.
India Ratings expects long products demand growth to be sharp, supported by a demand push from the government-led infrastructure investments in affordable housing, railways, rural electrification and road networks.
Despite NMDC raising iron ore prices by 10%, major steel firms say they will follow suit if demand increases
Major steel producers, including SAIL and Tata Steel, on Monday agreed to cut prices of TMT bars, galvanised steel and HR coils after the government asked them to contain prices to keep inflation under check.
Apart from INX Media and Aircel-Maxis, the four other firms which are under the scanner are Diageo Scotland, Essar Steel, Katara Holdings and Elforge Ltd. These firms were granted FIPB approval when Chidambaram was the FM, reports Shrimi Choudhary.
Finance Minister Nirmala Sitharaman's Rs 30,600 crore government guarantee for the bad bank has changed the body language of bankers for the better, observes Tamal Bandyopadhyay.
A 7:2 majority verdict by the apex court ruled that the tax legislation by the state does not require the consent of the President under Article 304 B of the Constitution
While the collapse of a large financial intermediary can wreak havoc on the system because of the interconnectivity, a large business conglomerate too can play spoilsport if the banks have too much exposure to the entity, explains Tamal Bandyopadhyay.
One smells a rat when cases are settled for too small a price offered either by the highest bidder or the promoter -- within and outside the legal ambit of insolvency process, observes Tamal Bandyopadhyay.
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