JSW Steel is learnt to have submitted its resolution plan along with AION Capital
Citicorp International Finance Corporation plans to acquire 14.16 per cent stake in Monnet Ispat for Rs 35.27 crore (Rs 352.7 million) to partly fund expansion of the company's Raigarh unit manufacturing sponge iron and mild steel.
Delhi-based Monnet Ispat and Power has bought 27 per cent in the steel company and may make open offer at Rs 320 per share. Backed by P K Mohanty, executive vice-chairman and managing director, Orissa Sponge, and the promoter of the company, Monnet Ispat has now become the frontrunner for acquiring the company by buying a total of 54 million shares.
The companies are crying foul over the cancellation of 25 blocks held by 68 firms over the past two days.
The Essar group, Jindal Steel and Power, Monnet Ispat, Bhushan Steel and the Avantha group have been asked to close deals by March-end.
Leading Indian companies are considering whether to bid for the India cricket team sponsorship for the next three years. The deadline for doing so is Saturday.
Monnet, which has already acquired 27 per cent in Orissa Sponge at Rs 283 per share, made an open offer for another 20 per cent at Rs 310 per share. Monnet group executive vice-chairman and managing director Sandeep Jajodia said, "We have formed a joint venture with Orissa Sponge existing promoter P K Mohanty. Under the deal, the Monnet group will have three directors, while Mohanty, who will have around 18 per cent stake in the company, will have two nominees on the board."
Only a handful of domestic steel producers have announced their results for 2006-07, but the indications are that they will report stellar performances this financial year.
Those involved in the discussions say the guidelines for selection of bidders in insolvency cases need to be transparent, otherwise anyone who loses out could take legal recourse, leading to wastage of time and derailing the whole process.
Jindal Power bagged 2 coal mines in Chhattisgarh.
Mining baron Anil Agarwal-led Vedanta Group has bid for the most number of 14 coal mines out of 23 on offer in the first round of auction which also have aggressive bids by Aditya Birla Group, Adani and Naveen Jindal group, but was shunned by foreign players.
At least three players including Monnet Ispat and the London-based Metdist Group have evinced interest in acquiring a majority stake in the state owned Manganese Ore India, initial bids for which closed on Monday.
The government on Tuesday cleared 34 foreign direct investment proposals worth Rs 617.28 crore, including Zee Telefilm's plans to issue Rs 480 crore foreign currency convertible bonds to two foreign companies.
On BSE, 1,469 shares fell and 1,200 shares rose. A total of 190 shares were unchanged.
Once Bhushan Steel is into its fold, Tata Steel will increase its capacity from 12.7 million tonnes per annum (mtpa) to 18.3 mtpa
The Reserve Bank had identified 12 accounts, each having more than Rs 5,000 crore of outstanding loans accounting for 25 per cent of total NPAs or bad loans of banks, for immediate referral for resolution under the bankruptcy law.
The delay will increase the provisioning burden on lenders and will also postpone the benefit of reversal of money set aside as provisions.
The Supreme Court order has created a new legal framework for coal mining by ruling that only the Union government and its entities can do it.
Top companies have grabbed a bigger pie of their sectors in the pandemic period, leading to a further rise in market concentration in many industries as measured by the Herfindahl-Hirschman Index (HHI). The HHI score, which indicates competitive intensity in an industry (or a lack of it), reached a new high in FY21 as bigger firms raised their revenue market shares either organically or through mergers and acquisitions. A higher HHI score indicates a rise in market concentration in favour of a few firms while a lower score means that the industry's revenue is more evenly divided among many companies
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RPG Industries, Hindalco, SAIL, Jindal Steel, Monnet Ispat, GVK Power and Jaiprakash Associates among companies summoned for review.
R-Power, Essar could be hit as state mulls benefit-sharing levy for ecology loss.
Indian boxing finally came out of an administrative exile after the International body AIBA gave provisional recognition to the newly-elected Boxing India, clearing the decks for the the country's pugilists' hassle-free participation in the upcoming Asian Games.
ArcelorMittal could be interested in Bhushan Steel or Essar Steel, two of the five steel companies referred by RBI for insolvency proceedings.
Insolvency and Bankruptcy Code bound stocks have witnessed a steep fall in 2018.
Instead of the minority stake they held earlier, now they have controlling stake in many firms
The government on Friday issued fresh show cause notices to prior allottees of coal blocks like JSPL, JSW and Tata Steel, asking reasons behind delays in mines development and warned of deduction in their bank guarantees if they failed to furnish replies.
The decision was taken by the ministry this week, a top Coal Ministry official said, while refusing to reveal the names of the companies.
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.
This is being done keeping in mind the urgency of these transactions, and it would help the ongoing insolvency cases, including the 12 accounts referred by RBI to banks.
The recent amendments to the IBC practically barred promoters from re-acquiring their own assets, leaving only a small window to convert their non- performing assets into standard assets by paying the overdues.
Analysts said with more power sector companies referred to the NCLT by banks, large companies would be at an advantage.
Tata Power, Sesa Sterlite and Hindustan Zinc likely to be hit.
The total admitted claim of financial creditors of these 88 companies stood at Rs 1.3 trillion, of which they recovered Rs 65,635 crore.
So what's up? Why are so many promoters heading for the door? It cannot be that all of them lost their appetite for a good fight at the same time.And if Naresh Goyal of Jet Airways and Subhash Chandra of Zee Entertainment do bow out, will it be seen as chickening out when the going got tough or the entrepreneurial instinct of surviving to fight another battle waned, wonders Shailesh Dobhal.
Faced with the herculean task of reviving the sagging fortunes of Indian boxing, newly-elected Boxing India President Sandeep Jajodia said the sport had been left 'orphaned' in the last couple of years and he would bring it back on track with clean administration.
The states will get over Rs l lakh crore.
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