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Is GDP best measure of growth? Here's how to make it better

For India, there are three key steps we may explore. First, to measure the destruction of natural and social capital.


Dec 10, 2019, 05.02 AM IST



Odisha Slurry lenders pick ArcelorMittal bid

Odisha Slurry owes financial creditors Rs 3,300 crore, of which Rs 2,350 crore is the principal amount.

Essar Steel: Mittals seek immunity from probes

Worries stem from BPSL case, where ED attached assets of the company after it was taken over b...

Essar Steel: Finally bankers expect money next month

On November 15, the apex court paved the way for ArcelorMittal to take over Essar Steel ...

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  • When asked about chances of the JV plans getting scrapped with ArcelorMittal all set to enter India after winning Essar Steel, SAIL Chairman A K Chaudhary replied, the company had said "they need time as they were busy with Essar Steel. But let's see what they have to say now".

    The acquistion will mark the entry of the world's largest steel company into India, which has emerged as the second biggest steel market in the world. Following its acquisition of Essar Steel, ArcelorMittal will be the fourth largest steel producer in the country which has set a target of achieving 300 million tonne in production.

    ArcelorMittal is integrating Essar Steel into its fold, marking the global giant's first major foray here.

    Last week, the Supreme Court paved the way for ArcelorMittal's takeover of debt-ridden Essar Steel for Rs 42,000 crore and set aside the July 4 NCLAT order giving equal status to financial creditors and operational creditors. Following the verdict, ArcelorMittal said it expects to complete the acquisition of the debt-ridden company by the end of this year

    The verdict came on a plea of the committee of creditors challenging NCLAT's order of July 4, in which it had approved steel tycoon Lakshmi Mittal-led ArcelorMittal's Rs 42,000-crore bid for the acquisition of Essar Steel after it rejected a plea by the lead shareholder of the debt-laden firm challenging the eligibility of the bidder.

    India's insolvency resolution framework has truly arrived after a tortuous journey of three years. Banks will finally be able to keep out un...

    ArcelorMittal, the world's biggest producer of the alloy, is entering India at a time when the sector is going through a lean phase, facing a demand slump. Other steelmakers shared Pradhan’s sentiments about ArcelorMittal’s entry into India. ArcelorMittal’s presence will bring in new technology, and have a longer-term impact on prices and the steel product basket.

    ArcelorMittal, which is Poland's biggest steel producer, announced in May that it would close operations at its Polish plant in September due to rising carbon emission costs, surging power prices and decreasing demand. It then decided to postpone the stoppage and took extra measures at its three blast furnaces in Poland to adjust to lower demand.

    SC said the two set of creditors will be treated differently during the insolvency proceedings and taking over of a debt-ridden firm by another company.

    Upholding of the doctrine that financial creditors will rank ahead of operational creditors bodes well for the Indian banking industry as well as potential foreign investors, Ficci President Sandip Somany said. The industry body also welcomed the court order that the commercial decisions of the CoC will not be open to judicial review.

    Landmark judgement has paved a way for a faster resolution going forward, says SBI MD.

    In a major judgement that will help facilitate the biggest takeover of bad debts in Indian corporate history, the court also said that the committee of creditors will have a final say in the resolution plans under the Insolvency and Bankruptcy Code. The NCLT and NCLAT cannot interfere with the commercial decisions taken by the CoC.

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