Indian billionaire Lakshmi Mittal-led ArcelorMittal will get Energy Star Partner of the Year award. This award is given by the EPA and the US Department of Energy for companies making outstanding contributions to protecting the environment and reducing greenhouse gas emissions through energy efficiency. To cut the company's energy and carbon intensity, it had launched ArcelorMittal Energy Reduction Initiative in 2006. ArcelorMittal will get the award in Washington on April 1.
The car maker, which filed for bankruptcy protection under Chapter 11 on Monday, owes $172.81 billion in total debts to its 50 largest creditors, including ArcelorMittal. In its filing with the bankruptcy court in the southern district of New York, GM said it has a 'trade debt' of $9.55 million to be paid to NRI-billionaire Lakshmi Mittal-led ArcelorMittal. According to the filing, the auto maker has assets worth $82.29 billion.
Lakshmi Mittal-led ArcelorMittal made an offer to buy an additional 29.4 per cent stake in domestic steel firm Uttam Galva Steel at Rs 120 a share.
Setting aside the NCLAT order, a 3-judge bench headed by Justice R F Nariman, said the two set of creditors will be treated differently during the insolvency proceedings and taking over of a debt-ridden firm by another company.
Indian billionaire Lakshmi Mittal-led ArcelorMittal, the world's biggest steelmaker, has become the first foreign company to acquire controlling stake in a Chinese steel firm -- China Oriental -- in a deal valued at about $1.6 billion.
The proposed FDI of Rs 503.37 crore (Rs 5.03 billion) by ArcelorMittal, Netherlands, has been approved by the Foreign Investment Promotion Board, the finance ministry said in New Delhi.
Tata Group ranks 13th, Reliance Industries 15th and Infosys 26th. Tata Group and Reliance Industries have been ranked ahead of American industrial conglomerate General Electric (17), German car manufacturer BMW (20), Japanese auto firm Honda Motor (22) and telecom major AT&T (23), among others. However, while the Tata Group slipped in ranking from the sixth place in 2008, Reliance Industries has improved on its previous year's 19th rank. Infosys was not in the list in 2008.
The world's largest steel company ArcelorMittal, led by India-born Lakshmi Mittal, on Thursday said it will acquire a majority stake in steel maker China Oriental Group for about 6 billion Hong Kong dollars.
The Essar group hinted at challenging the verdict, citing last week's Supreme Court order that upheld the August 2018 amendment to the IBC law.
The turnaround of SAIL from several quarters of losses was one of the most challenging experience, said Anil Kumar Chaudhary, the outgoing chairman of the country's largest steel maker. The chairman said he also wants to see SAIL paying back at least 50 per cent of its debt in the near future. Chaudhary who had joined SAIL as a junior manager in 1984 would be superannuating from the top post on December 31, 2020 after serving the company for almost 36 years in various roles.
