How insolvency is reshaping steel

It's helping the industry consolidate with investors keen to acquire assets that were once sound but turned insolvent due to poor financial management

Why should a steel group become insolvent if in the first place it has not gone wrong in procuring the best available machinery? Due diligence of nearly 30 million tonne (mt) of insolvent steel capacity shows the units concerned were done in by either over-borrowing, escalation in costs and time overruns or the sharp retreat in steel prices during 2015-16. From Vedanta group Chairman Anil Agarwal to Tata Steel Managing Director TV Narendran, no one has complained about the quality of steel assets that found resolution through bidding under the National Company Law Tribunal (NCLT).
 
In every instance whether