ArcelorMittal Essar Steel

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

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 .

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

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

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

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

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

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.

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

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

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.

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

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 ...

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

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

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

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

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

Govt has moved fast to address IBC problems