ArcelorMittal wins bids to buyout Essar Steel


Team Udayavani, Oct 26, 2018, 2:11 PM IST

New Delhi: The world’s largest steelmaker ArcelorMittal Friday said it has been chosen by the lenders to takeover debt-laden Essar Steel India Ltd for about Rs 42,000 crore.

In a statement, ArcelorMittal said its resolution plan for Essar Steel, which the lenders auctioned to recover over Rs 49,000 crore of unpaid loans, includes “an upfront payment of Rs 42,000 crore” to settle debt and “a further Rs 8,000 crore of capital injection into the company to support operational improvement, increase production levels and deliver enhanced levels of profitability”.

The Committee of Creditors have issued ArcelorMittal and its partner Japan’s Nippon Steel & Sumitomo Metal Corp a Letter of Intent (LoI) declaring them as the “successful applicant”.

The development comes a day after promoters of Essar Steel offered to pay lenders Rs 54,389 crore, including Rs 47,507 crore upfront cash payment to clear all dues of lenders, and pull out the firm from insolvency proceedings.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Salman Khan gets another threat; message sent to Mumbai traffic police helpline

SC overrules 1967 verdict holding AMU can’t be minority institution

BJP MP Tejasvi Surya, editors of Kannada news portals booked for allegedly spreading fake news

Egg distribution scheme for school children under scrutiny over alleged mismanagement

India Post M’luru division to offer doorstep service to pensioners for Jeevan Praman certificate

Cong asks PM Modi why Gujarat’s white onion farmers given preferential treatment

Kharge slams Fadnavis, says people of Maharashtra will give a befitting reply to BJP

Related Articles More

Sensex, Nifty fall over 1 pc, snap two-day rally ahead of US Fed interest rate decision

SC orders liquidation of grounded air carrier Jet Airways’ assets

Home-cooked meals become dearer in October on costlier vegetables

Sensex, Nifty surge over 1 pc on heavy buying in IT stocks as Trump set to win US polls

Das says incoming data on GDP growth mixed but positives outweigh negatives

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

Ananya Panday wears mother’s 21-yr-old suit by Rohit Bal in tribute to late designer

Salman Khan gets another threat; message sent to Mumbai traffic police helpline

SC overrules 1967 verdict holding AMU can’t be minority institution

DK Child Protection Unit to conduct campaign to raise awareness of child trafficking

Kambala: Tradition and modernity in coastal Karnataka

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.