Skip to content
Search

Latest Stories

India’s top court blocks ArcelorMittal’s plan to acquire Essar Steel

INDIA’S top court yesterday (12) stopped steel major ArcelorMittal from acquiring the debt-ridden Indian firm, Essar Steel.  

Following the Supreme Court's latest order, the LN Mittal owned steel company cannot make payments to banks to acquire the firm as planned.  


The apex court also ordered status quo on the March 8 order of the country’s National Company Law Tribunal (NCLT) which accepted ArcelorMittal’s bid to purchase Essar Steel. 

The NCLT also gave its approval to ArcelorMittal’s resolution plan for the acquisition.

However, the Committee of Creditors (CoC) of Essar Steel questioned higher payment to the Standard Chartered Bank (SCB), a financial creditor of the steel firm. 

The top court also asked the NCLT to decide on appeals in the case. 

As per the NCLT order, SCB was allotted only 1.7 per cent of its total admitted claims. However, the financial creditors were recovering their claims close to 92 per cent. 

The distribution of money should be completed on a pro-rata basis and the SCB should get its share accordingly, the tribunal stated in its order. 

The NCLT approved a joint offer from ArcelorMittal and Nippon Steel who were ready to pay £4.57 billion to the banks and then invest about another £838.33 million in Essar Steel. 

The CoC objected, saying the distribution of cash among the banks was unfair, according to the resolution plan. 

The purchase of Essar Steel would have allowed the steel giant to enter the Indian market with an annual steel production capacity of 10 million tonnes.

More For You

Shein-Reuters

Shein had aimed to go public in London in the first half of this year, subject to regulatory approvals in the UK and China. (Photo: Reuters)

Shein cuts valuation to £40 billion for London listing

SHEIN is preparing to lower its valuation to around £40 billion for a potential initial public offering (IPO) in London, according to three Reuters sources familiar with the matter.

This is nearly 25 per cent lower than the company's 2023 fundraising valuation as it faces increasing challenges.

Keep ReadingShow less
Northern-Superchargers-Getty

Ben Stokes and Matthew Short of Northern Superchargers walk out to bat during The Hundred match between Manchester Originals and Northern Superchargers on August 11, 2024 in Manchester, England. (Photo: Getty Images)

Sunrisers Hyderabad to acquire Northern Superchargers in £100 million deal

INDIAN Premier League franchise Sunrisers Hyderabad is set to become the first full owners of an English Hundred team after agreeing to buy Yorkshire’s Northern Superchargers for a reported £100 million.

The Sun Group will be the third IPL-linked investor in the eight-team Hundred competition, following Reliance Industries, which owns Mumbai Indians, and RPSG, which runs Lucknow Super Giants.

Keep ReadingShow less
BT-Getty

A view of the British Telecom (BT) headquarters in central London. (Photo: Getty Images)

BT to remove diversity targets from manager bonuses

BT will remove diversity, equity, and inclusion (DEI) targets from its manager bonus scheme, replacing them with a measure of overall employee engagement.

The change, set to take effect in April, follows consultation with major investors and has received “strong support,” according to the company, The Telegraph reported.

Keep ReadingShow less
India's central bank cuts interest rates for first time since 2020

The central bank announced a 25-basis-point cut in the benchmark repo rate to 6.25 per cent, the rate at which it lends to commercial banks.. (Photo credit: Reuters)

India's central bank cuts interest rates for first time since 2020

THE RESERVE BANK OF INDIA (RBI) reduced interest rates on Friday for the first time in nearly five years, citing concerns over economic growth despite inflation risks.

The central bank announced a 25-basis-point cut in the benchmark repo rate to 6.25 per cent, the rate at which it lends to commercial banks.

Keep ReadingShow less
Sri Lanka seeks to negotiate with Adani over renewable energy plants

Gautam Adani

Sri Lanka seeks to negotiate with Adani over renewable energy plants

SRI LANKA’S government started talks with India’s Adani Group to lower the cost of power from two wind power projects the group will build in the island nation’s northern province, the cabinet spokesman said last Tuesday (28).

Sri Lanka has been reviewing the group’s local projects after US authorities in November accused billionaire founder Gautam Adani and other executives of being part of a scheme to pay bribes to secure Indian power supply contracts. Adani has denied the allegations.

Keep ReadingShow less