News digest: Numetal's bid for Essar, Haier ups India bet, and more

NCLAT okays Numetal's Essar Steel bid, directs ArcelorMittal to clear dues
 
The National Company Law Appellate Tribunal (NCLAT) ruled on Friday that Numetal's second bid to acquire debt-laden Essar Steel was valid and directed ArcelorMittal to clear its dues on account of defaulting firms by September 11 to be an eligible bidder, in what appears to be a blow to the LN Mittal-led company. Read more
 
IL&FS board decides to seek a loan of Rs 30 billion from LIC and SBI

In an emergency meeting on Friday, the board of Infrastructure Leasing & Financial Services (IL&FS) decided to seek a loan of Rs 30 billion from two shareholders — Life Insurance Corporation of India (LIC) and State Bank of India (SBI). The board decided to meet on September 15 to ensure that IL&FS and other group companies do not default on any further repayment obligation. Read more

 
Haier Appliances to set up Rs 30.69 bn industrial park in Greater Noida

In one of the largest investments by a Chinese durable major in the country, Haier Appliances India will put in Rs 30.69 billion to set up its second industrial park in Greater Noida. On Friday, a memorandum of understanding was signed by the company and the Uttar Pradesh government. Read more
 
Social media on autopilot: Top four firms running without a head in India

India’s social media ecosystem is practically running on autopilot. Four of the country’s top social media platforms — Facebook, Twitter, WhatsApp and now LinkedIn — do not have a head in India. Read more