Page 8 - Essar Steel

ArcelorMittal bid divides resolution professional's lawyers on Essar Steel

Cyril Amarchand Mangaldas, Darius Khambata differ on ArcelorMittal's eligibility

Banks to vote on new bidders for debt-laden Essar Steel on Friday

JSW Steel is likely to make a bid by joining a consortium of private equity players

Lenders reject bids by Numetal, ArcelorMittal for Essar Steel

The State Bank-led consortium of lenders to Essar Steel today rejected the bids by both Numetal as well as ArcelorMittal after finding them to be ineligible under the amended Insolvency & Bakruptcy Code that debars related parties from bidding. The decision was taken at a meeting of the Essar Steel's committee of creditors (CoC) here today. "The (Numetal and ArcelorMittal) were found to be ineligible under the Section 29 A of the IBC. They did not fall under the satisfactory criterion that the promoters' link should not be there or connected persons should not be there," a banking source told PTI. While ArcelorMittal India has been found ineligible for its joint venture with Uttam Galva, which is at the NCLT awaiting resolution, Numetal's bid was done in by the fact that one of the promoters of the special purpose vehicle is Rewant Ruia, the son of Essar Group promoter Ravi Ruia, who is one of the original promoters of Essar Steel. Lenders have also set an April 2 ...

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

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

VTB Capital says it will accommodate interests of all stakeholders

ArcelorMittal to ramp up Essar Steel plant's capacity beyond 10 mn tonnes

Industry sources, however, said, it was possible for Essar Steel to ramp up capacity to 15 million tonnes which was at one point part of the company's corporate plan

Ruia trust offers to exit Numetal to participate in Essar Steel bid

Company's proposal to buy Essar Steel says Ruias ready to sell entire 25% stake

VTB Bank-Ruias, ArcelorMittal, Tata Steel to make bid for Essar Steel today

According to a source, ArcelorMittal is likely to bid alone

Essar Steel gets consent to establish Odisha iron ore block

Essar Steel has got the 'Consent to Establish' from the State Pollution Control Board (SPCB) here for its Ghoraburhani-Sagasahi iron ore block. It was the first iron ore mine to be auctioned in the country. Essar Steel won the block with about 100 million tonnes deposits, outbidding strong contenders like Tata Steel and Jindal Steel & Power Ltd (JSPL).The pollution board has given the 'Consent to Establish' under Section 25 of Water (Prevention & Control of Pollution) Act, 1974 and Section 21 of Air (Prevention & Control of Pollution) Act, 1981.The approval is for production of run of the mine iron ore of capacity 7.16 million tonnes per annum (mtpa), crushing and screening plant and iron ore beneficiation plant of 6.7 mtpa. The facilities are proposed to be set up over an area of 139.16 hectares straddling the villages of Ghoraburhani, Sagasahi and Kalamanga at Koira tahsil in Sundargarh district.The 'Consent to Establish' is seen as a precursor to the grant of 'Consent ..

Naxal shadow over Essar Steel bid in Chhattisgarh

Prospective investors for Essar Steel may have to factor in the Naxal violence which has cost the company quite a bit in the past.Essar Steel, promoted by the Ruias, was among 12 companies recommended by the Reserve Bank of India for insolvency under the Insolvency and Bankruptcy Code. A number of companies including Tata Steel and ArcelorMittal have evinced interest in Essar Steel.Apart from the Hazira plant, Essar Steel operates a number of downstream facilities that include a beneficiation plant in Chhattisgarh.In 2005, Essar Steel built a 267-km slurry pipeline, reportedly world's second largest, to carry iron ore in slurry form from Dantewada - infamous for Naxal violence -to the company's Visakhapatnam pellet plant that feeds the Hazira plant.But Essar Steel could never comfortably operate the pipeline due to Naxal terror. The pipeline passes through the Naxal stronghold pockets that rebels claim to be their "liberated zone". According to Chhattisgarh police's record, Naxalites .

Essar Steel output slides 15% to 1.33 MT since NCLT referral

Lower volume coupled with rising input costs have further eroded the profitability of the company

Naxal violence can cast shadow over Essar Steel bid

Essar Steel was among the initial companies that had been put up for sale under the insolvency proceedings

Essar Group, Tatas, ArcelorMittal submit bids for debt-laden Essar Steel

Essar Steel India Ltd is undergoing Corporate Insolvency Resolution Process under the provisions of Insolvency and Bankruptcy Code

Ruias take Russian tie-up route for Essar Steel bid

The Ruias have submitted an expression of interest for Essar Steel along with a letter of comfort from VTB Capital

Essar Steel to reach 12 million tonne pellet capacity at Paradip

The current capacity of the pellet plant is six mtpa

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

Essar Steel moves court against RBI's insolvency move, hearing on July 7

Challenges RBI's 'arbitrariness' in selecting the 12 stressed accounts

Gujarat HC stays insolvency proceedings against Essar Steel

Directs RBI to explain how the 12 insolvency cases were accorded priority

Essar Steel eyes 25% market share in 2 yrs to follow new emission norms

Company has developed new product for automotive manufacturers in response to market requirements

Loan recast delay hits Essar Steel

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