Loan recast delay hits Essar Steel

Essar Steel's proposal was to bring in fresh equity of Rs 2,500 crore into the company.....»»

Category: topSource: business-standardJun 19th, 2017

Essar Steel resolution still in knots; creditors may delay decision on bids

The committee of creditors for insolvent Essar Steel is likely to delay a decision on the bids by ArcelorMittal and Numetal. Both the latter face the prospect of their offers being rejected, since the law does not allow promoters w.....»»

Category: topSource: business-standardFeb 28th, 2018

Essar Steel wants oversight panel to vet debt recast plan

RBI should take into account Essar's improved finances, Rs 3,500-cr interest payment to banks.....»»

Category: topSource: business-standardJul 6th, 2017

Lenders want Ruias to infuse Rs 2,500 crore in Essar Steel

To agree to debt-recast plan after Essar Steel gets fresh equity from promoters.....»»

Category: topSource: business-standardMay 9th, 2017

Essar Steel faces delay in forest clearance to mine Odisha block

The govt's delay in identification of land for compensatory afforestation has put the brakes on expediting forest clearance.....»»

Category: topSource: business-standardNov 25th, 2016

Banks may seek more bids for Essar Steel loans

Banks with loan exposure of over Rs 40,000 crore to Essar Steel have received a proposal from SSG Capital to buy the debt at half the price.....»»

Category: topSource: business-standardSep 24th, 2016

Banks to meet on Essar Steel debt recast today

Essar Steel carry's Rs 40,000 crore debt as on March 31, 2016.....»»

Category: topSource: business-standardSep 6th, 2016

Essar Steel lenders to take a call on offers made by Numetal, ArcelorMittal

ArcelorMittal failed to clear the legal eligibility test as it and its promoter LN Mittal had investments in two non-performing assets in India.....»»

Category: topSource: business-standard6 hr. 53 min. ago

Ready to buy out Rewant Ruia"s stake in Essar Steel, says Numetal

The shareholders of the Mauritius-based Numetal, a special purpose vehicle that focuses on steel and infra space along with manufacturing, are VTB Capital.....»»

Category: topSource: business-standardMar 15th, 2018

Changes in IBC may help ArcelorMittal place a fresh bid for Essar Steel

Insiders said both bids have failed the legal eligibility test, as ArcelorMittal held 29% stake in Uttam Galva Steels, an NPA for over a year.....»»

Category: topSource: business-standardMar 13th, 2018

Ministerial committee may pave way for ArcelorMittal"s Essar Steel bid

ArcelorMittal is facing an eligibility test on the ground that the company and its promoter, L N Mittal, had investments in non-performing Uttam Galva Steels and KSS Petron, respectively.....»»

Category: topSource: business-standardMar 11th, 2018

China, Japan, South Korea hits out at trump"s steel, aluminium tariffs

Trump on Thursday pressed ahead with the imposition of 25 percent tariffs on steel imports and 10 percent for aluminium.....»»

Category: topSource: business-standardMar 9th, 2018

ArcelorMittal to increase Essar Steel plant"s capacity to 18 million tonnes

The bids for Essar Steel were submitted on February 12 and a decision on eligibility was pending.....»»

Category: topSource: business-standardMar 7th, 2018

European Union hits back at President Trump's proposed steel and aluminum tariffs

Trump said his government would impose 25% import duty on steel and 10% on aluminum import.....»»

Category: topSource: usatodayMar 7th, 2018

Insolvency process: Essar Steel likely to see second round of bidding

If the resolution professional fails to receive any bid, it will recommend liquidation of the company by April-end and Essar Steel's assets will be sold.....»»

Category: topSource: business-standardMar 6th, 2018

Trump auto tax threat hits BMW, Daimler

LONDON (Reuters) - Investors sold shares in BMW and Daimler on Monday after President Donald Trump said the U.S. may tax imports of European cars if the EU retaliates against his plan to impose tariffs on aluminum and steel......»»

Category: topSource: reutersMar 5th, 2018

Insolvency process: ArcelorMittal bid for Essar Steel ineligible, says VTB

VTB Capital says it will accommodate interests of all stakeholders.....»»

Category: topSource: business-standardMar 5th, 2018

Battle for Essar Steel: ArcelorMittal rebuffs VTB, says its bid is eligible

Retort is in response to VTB Capital statement that despite its lobbying with Indian govt, ArcelorMittal's 'illegal bid' shouldn't be cleared.....»»

Category: topSource: business-standardMar 5th, 2018

Insolvency process: ArcelorMittal"s bid for Essar Steel illegal, says VTB

VTB Capital says it will accommodate interests of all stakeholders.....»»

Category: topSource: business-standardMar 4th, 2018

ArcelorMittal, Numetal boost credentials for Essar Steel bidding

Industry sources said spurning ArcelorMittal's bid would now mean turning down two giants.....»»

Category: topSource: business-standardMar 4th, 2018

ArcelorMittal"s bid for Essar Steel illegal, says Russia-based VTB

VTB Capital says it will accommodate interests of all stakeholders.....»»

Category: topSource: business-standardMar 4th, 2018