Arcelormittal Essar Steel

SC allows IOC-ArcelorMittal Nippon Steel to resolve dispute via arbitration

The dispute is related to Essar Steel India Limited (ESIL), which was acquired by AMNS through the insolvency resolution process in 2019

ABB to roll out electric powertrain system for ArcelorMittal Nippon Steel

Electrification and automation major ABB on Wednesday said it will roll out an electric powertrain system for ArcelorMittal Nippon Steel's new steel mill in Hazira. "ABB is partnering with SMS group to supply all the medium-voltage (MV) motors and MV drives for a new hot strip mill at Hazira, in Gujarat," an ABB statement said. ABB is working in partnership with SMS group -- a specialist in plant construction, mechanical and electric & automation engineering for the metals industry -- to provide all the MV motors and MV drives for ArcelorMittal Nippon Steel's new hot strip mill in India, it explained. The scope also includes a large number of low-voltage (LV) drives. The project at Hazira, an industrial hub in Gujarat, is part of a major expansion of the site, which is already India's fifth-largest producer of crude steel. When it becomes operational in 2025, the new mill will increase Hazira's production capacity by around 5.5 million tonne per year, the statement said. The hot .

AM/NS bulks up for the future, focuses on acquisitions to secure infra

Nearly Rs 90,000 crore worth of capital expenditure has been incurred so far on various asset acquisitions and projects, with a major investment of about Rs 42,000 crore

ArcelorMittal Nippon Steel India joins race to buy Srei group firms

Sources close to the development said whether new participants who were not part of the original list of EOI would be allowed will have to be evaluated

AMNS India executes paperless bill discounting transaction with ICICI Bank

AMNS India on Sunday said its has executed "a paperless bill discounting transaction" in partnership with ICICI Bank.

HC to hear AM/NS India petition on transfer of Hazira port licence tomorrow

AM/NS India had earlier this year applied to GMB for transfer of licence within days of acquiring Essar Steel (now AM/NS India) in a Rs 42,000 crore transaction under an insolvency process. But a deci

ArcelorMittal to invest Rs 2,000 cr in Odisha, says Lakshmi Mittal

Mittal said, the company would work on the two iron ore mines- Sagasahi and Thakurani in Odisha

UK court dismisses ArcelorMittal's arbitral award plea against Essar Steel

In the order the London High Court said there was no grounds to order a global freeze on the Ruia and Essar assets

NCLT approves ArcelorMittal's Rs 2,359 cr bid for Odisha Slurry Pipeline

A two-member bench of the NCLT Cuttack gave a go ahead to the resolution plan of ArcelorMittal India, which had been approved by the Committee of Creditors (CoC) of OSPIL.

ArcelorMittal, Nippon Steel bullish on India despite economic slowdown

The joint venture - 60 per cent held by ArcelorMittal and the balance by Nippon Steel - was renamed AM/NS India

Year in Review: Jet collapse to NBFC mess, biggest business news of 2019

With 2019 drawing to a close, Business Standard looks at the biggest news developments from the world of business that shaped the year

Nifty Bank hits fresh high as ArcelorMittal to close Essar Steel deal today

Investors, however, booked profit at most banking counters with shares of SBI, Axis Bank, HDFC Bank, YES Bank, Punjab National Bank, Bank of Baroda, and The Federal Bank down up 2.7 per cent.

SBI likely to pay Essar lenders on Dec 16 as ArcelorMittal pays up

As per the resolution proposal, banks would recover over 90 per cent of their claims against Essar Steel, amounting to over 40,000 crore.

'More innovation': Steel firms welcome ArcelorMittal's entry to India

Presence of more companies in the market will lead to more innovation, quality and R&D activities, said domestic steel players on Thursday while reacting to the entry of global steel giant ArcelorMittal in India. "We don't see ArcelorMittal as a challenge," JSW Steel Chairman Sajjan Jindal told PTI on the sidelines of the ISA Steel Conclave here. More the number of players, more the research & development (R&D) activities, innovations, quality in the market, he added reacting to a question how will the ArcelorMittal's entry benefit the consumers. Jindal Steel and Power Chairman Naveen Jindal said, "We see its (ArcelorMittal's) entry as a positive step." Tata Steel Chief Financial Officer Koushik Chatterjee also said there should be competition in the market. Steel Authority of India Ltd (SAIL) Chairman A K Chaudhary said, "ArcelorMittal's entry will promote healthy competition in market." The industry looks forward to work with them in future, he added. Last week, the ...

ArcelorMittal hopes to complete Essar acquisition by December end

After completion, ArcelorMittal will jointly own and operate ESIL in partnership with Nippon Steel Corporation (Nippon Steel)

The homecoming of Lakshmi Mittal: A story of long waiting periods

Lakshmi Mittal's first attempt to bring home ArcelorMittal was in 2005. Amid much fanfare, the company signed a deal with Jharkhand chief secretary P P Sharma for a 12 mt steel plant

Losing steel arm to ArcelorMittal to hurt Essar India; revenue may fall 97%

Revenue hit of 96% is combined impact of earlier divestment in Essar Oil & losing control of Essar Steel

SC sets aside NCLAT order, paves way for Arcelor to acquire Essar Steel

Apex court relaxes 330-day timeline for resolving stressed assets by diluting its mandatory nature

ArcelorMittal hopes to close deal for Essar Steel acquisition in Q3

On July 4, 2019, the NCLAT approved our resolution plan for the acquisition of Essar Steel India

A swift response

Govt has moved fast to address IBC problems