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Essar

Dec 10, 2019, 08.40 AM IST

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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.

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  • Banks have proposed a four-month programme to resolve the Dewan Housing Finance (DHFL) case, the biggest bankruptcy case in the financial services sector after the Insolvency and Bankruptcy Code.

    The good news is that India will reach a bottom in GDP growth this year at 5.5% for the full year.

    The Union finance minister said the government is working with states to further rationalise Goods and Services Tax (GST) rates and will announce major infrastructure projects to provide an investment boost by the middle of December.

    On November 15, the apex court paved the way for ArcelorMittal to take over Essar Steel for Rs 42,000 crore, giving primacy to secured creditors in any bankruptcy resolution plan. The apex court over-ruled the appellate tribunal NCLAT which asked the banks to share the proceeds equally with the unsecured creditors as well.

    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".

    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

    From Sept beginning till early Oct, credit offtake has been up significantly

    Currency traders are turning bullish on the rupee, as they are going long (buying) on the local currency against the dollar.

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

    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.

    Speaking at an event organised by former Sebi chief M Damodaran here on Thursday, Arijit Basu, a managing director at SBI, also conceded that the bank has erred on some business decisions and cannot attribute those to social compulsions.

    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.

    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.

    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.

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