India's Essar group places bid for Petrobras' Bahia refinery: Report
If Essar's bid is successful, it would mark the group's debut in Brazil. Essar has invested roughly $28 billion in assets in energy, infrastructure, mining and services, according to the company's website. It is still unclear if the third pre-qualified group, China's Sinopec, has also delivered a bid.
2G spectrum: HC orders day-to-day hearing of appeals from October 5
Justice Brijesh Sethi said the matter will be heard on a day-to-day basis from October 5 at 2:30 PM.
Delhi High Court issues notices after ED, CBI seek hearing in 2G case
Counsel for ED told the high court that the 2G case was of national importance. The agency said the attached properties should not be released till appeals filed by CBI and ED against the acquittal are ruled upon by the high court.
ArcelorMittal challenges Gujarat Government, Essar Group over Hazira port licence
Essar Steel owns a 10 million tonnes per annum steel plant at Hazira in Gujarat, which is serviced by a captive jetty constructed at port.
India 9th largest recipient of FDI in 2019, will continue to attract investments: UN
In its report, the UN Conference on Trade and Development (UNCTAD) said India will continue to attract market-seeking investments to the country and hence, witness a lower but positive economic growth in the post-COVID-19 pandemic period. India was the 9th largest recipient of FDI in 2019, with 51 billion dollars of inflows during the year.
Essar Steel, Adani, GAIL, HPCL buy bulk of Reliance gas
Essar Steel picked up 2.25 million standard cubic meters per day or about half of the available volumes in the day long auction conducted on November 15. Gujarat State Petroleum Corp (GSPC) picked up 1.2 mmscmd while Adani Group, Mahanagar Gas Ltd and GAIL bought 0.3 mmscmd each, sources said. Hindustan Petroleum Corp Ltd (HPCL) bought 0.35 mmscmd.
Essar signals resuming investment-led growth plan
The Essar Group has indicated that it is "poised to embark on a new phase of growth while driving growth in its existing portfolio." Essar did not specify what the new growth areas could be, but said it is "armed with a substantially lighter balance sheet" after it took "a conscious call of reducing its debt in response to evolving domestic and evolving economic scenario."
Essar resolution to have significant impact on financial ecosystem: Satish Gupta, Essar's Resolution Professional
"The resolution of Essar Steel with realisation of more than Rs 42,000 crore has significant impact on financial ecosystem. With availability of funds and committed additional infusion of Rs 8,000 crore by ArcelorMittal, Essar Steel’s under-utilised productive asset can now operate at its optimal level of production and enhance capacity utilisation," the resolution professional of Essar Steel said.
Essar appoints Pankaj Kalra as CFO of energy arm
Kalra has 22 years of work experience.Prior to joining Essar, he was the CFO of Cairn Oil & Gas, and has been associated with Reliance, Aircel, Idea, American Tower and EY.
Ahmedabad NCLT directs PNB to approach the Mumbai bench in Essar Shipping case
The state-owned lender had approached the Ahmedabad NCLT against Essar Shipping, for the default committed by Essar Oilfield (now known as OGD Services), in making payment of stand by letter of credit (SBLC) facility of $27 million, where Essar Shipping was a guarantor.
Essar to further cut down debt by 70 pc in last leg of deleveraging exercise
The Ruia family-owned Essar Group has embarked on the final leg of its deleveraging exercise with plans to cut down its residual debt by 70 per cent to about Rs 12,000 crore as it looks to rebuild the conglomerate post-oil and steel business selloffs.
Lenders nominate a resolution professional to administer under stress Essar's Mahan project
The lenders that include ICICI Bank and Punjab National Bank have picked Jet Airways' current administrator Ashish Chhawchharia to manage the affairs of the Essar power plants located in the Singrauli district of Madhya Pradesh, sources said. Essar Power Mahan has power supply contracts with Essar Steel.
IDBI Bank rejects Mauritius-based Royal Partner's discounted offer for Essar arm
“IDBI will not be open to any change in payment consideration (for EPC Constructions),” the lender said in a statement, noting that any change in the resolution plan would be a breach of court directions. “Resolution process has been concluded. NCLT/NCLAT have directed Royal Partner to implement the plan,” the statement said.
Essar Steel: Mittals seek immunity from probes
Worries stem from BPSL case, where ED attached assets of the company after it was taken over by JSW Steel.
How Essar verdict can move rupee
Currency traders are turning bullish on the rupee, as they are going long (buying) on the local currency against the dollar.