Essar Steel News

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Mint Investment Summit: ArcelorMittal wins M&A Deal Award for Essar Steel

ArcelorMittal won the Merger & Acquisition Deal of the Year Award at the Mint India Investment Summit and Awards, 2020. The company was felicitated for its Essar Steel deal.

4 Mar 2020
Industry

Arcelor-Nippon to boost erstwhile Essar Steel Paradip plant capacity

Plans to up pellet-making capacity to 20 mtpa by FY22ArcelorMittal’s equity contribution to AM/NS venture is $1.6 billion

1 min read7 Feb 2020
Companies

Q3 Results: Essar Steel resolution helps SBI post its best quarterly profit ever

Net interest margin, a key measure of profitability, widened by 37 bps sequentially to 3.59%The bank added fresh bad loans worth ₹16,525 crore, which includes exposure to DHFL

2 min read31 Jan 2020
Companies

How bankruptcy got redefined in India

Bankruptcy in India has always been a mess and lenders knew they could do little more than kiss their money goodbye. It’s still early days, but IBC might change thatIt took two years of courtroom battles to find a buyer for ailing Essar Steel. Will business exits become easier now?

10 min read23 Dec 2019
Companies

Essar verdict may drive more investments into distressed assets space

Deutsche Bank itself is betting big on the distressed space in IndiaThe ruling, which upheld primacy of secured creditors, is encouraging for investors, says Deutsche Bank’s Rahul Chawla

2 min read19 Dec 2019
Companies

Lenders to Essar may drop case against ex-promoters

Creditors may withdraw recovery suit against Ruias as new owner has paid up duesLenders may now look to explore a settlement with the former Essar promoters

2 min read17 Dec 2019
Industry

Banks to get $7.6 billion boost bankruptcy recoveries from 4 companies

The lenders are expected to benefit from the recovery process from four failed companiesEssar Steel India Ltd., Prayagraj Power Generation Co., Ruchi Soya Industries Ltd. and RattanIndia Power Ltd

2 min read17 Dec 2019
Industry

New Essar owners seek to ramp up steel capacity by up to 50%

ArcelorMittal and Nippon Steel decide to raise firm’s production capacity from 9.6 mtpa to 12-15 mtpaArcelorMittal had announced a joint venture with Nippon Steel to own and run Essar Steel

2 min read16 Dec 2019
Companies

ArcelorMittal says it has completed acquisition of Essar Steel

ArcelorMittal forms joint venture with Nippon Steel to operate Essar Steel; Aditya Mittal to be chairman of JVThe deckS for acquisition of Essar Steel for ₹42,000 crore by L.N. Mittal-led company was cleared by the Supreme Court last month

1 min read16 Dec 2019
Companies

Essar Steel resolution to boost Q3 numbers with ₹12,000 cr recovery: SBI chief

Essar Steel case resolution will also be a huge positive for economy, says Rajnish KumarEssar Steel was auctioned under the new IBC to recover ₹54,547 crore of dues of financial lenders and operational creditors

2 min read16 Dec 2019
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