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09 Apr 2019

NCLAT may ask ArcelorMittal to deposit Rs 42,000 cr bid amount

A two-member bench headed by Chairman Justice S J Mukhopadhaya said that ArcelorMittal may have to deposit the money in a separate account either before the NCLAT or NCLT Ahmedabad-bench.

18 Mar 2019

NCLAT gives conditional nod to ArcelorMittal's Rs 42K cr plan for Essar Steel

A two-member bench headed by Justice S J Mukhopadhaya said there is no stay on the Resolution Professional of Essar Steel to disburse the funds among financial and operational creditors of the company.

04 Oct 2018

SC grants one more opportunity to ArcelorMittal, NuMetal to bid for Essar Stee

The top court asked the Committee of Creditors to take a decision within eight weeks on rival bids of NuMetal and ArcelorMittal for Essar Steel.

10 Sep 2018

ArcelorMittal sweetens offer for Essar Steel;submits revised proposal to CoC

Without disclosing the amount, the Luxembourg-headquarterd firm said that it has submitted a revised proposal to Essar Steel India Ltd's (ESIL) Committee of Creditors (CoC).

13 Feb 2018

ArcelorMittal, Russia's VTB Group bid for Essar Steel

Founded by Shashi and Ravi Ruia, Essar Steel was referred to the National Company Law Tribunal last year after accumulating nearly Rs 50,000 crore in debts.

Banking Regulation Act

27 Aug 2017

Govt notifies changes in Banking Regulation Act

The banking sector is saddled with non-performing assets (NPAs) of over Rs 8 lakh crore, of which Rs 6 lakh crore is with public sector banks (PSBs).

25 Aug 2017

Cafral study claims positive market response to NPA Ordinance

Since the Ordinance and naming of 12 largest defaulters, the banking index gained over 5 per cent, says the report based on the stock performance between May 4 and June 13.

21 Aug 2017

Ruias shave off 67% of Rs 1.05 trillion group debt with EOL sale

The Ruias-promoted Essar Group, as of March 2017, had a long term debt of Rs 1.05 trillion and a working capital loan of Rs 30,000 crore at the holding company and group companies level, taking the total burden to Rs 1.35 trillion.

Indian car makers

22 Nov 2016

Auto companies to manufacture bullet proof passenger cars in India

29 Mar 2016

Ruias assure banks of fund infusion to support operations of Essar Steel

Debt-laden Essar Steel on Tuesday said its promoters have assured the Joint Lenders Forum (JLF) that they will infuse additional funds in the firm to support its operations and "improve capital structure".

25 Mar 2016

SBI to Essar Steel: Pay up or face management change

27 May 2015

Essar Steel back in black; posts profit of Rs 684 cr in FY15

Ruias-promoted Essar Steel Wednesday posted a net profit of Rs 684 crore for the full fiscal ended March 31, helped by better operating margins, consolidation and higher demand for its value added steel products.

15 Apr 2015

Essar restarts ops at Hudhud-hit Vizag plant

Essar Steel's captive power plant at its pellet facility in Visakhapatnam, which had taken a battering from cyclone Hudhud last October, is back on its feet.

27 Nov 2014

Essar commissions Rs 6,000-cr pellet complex in Odisha

Essar Thursday announced commissioning of its Rs 6,000 crore integrated pellet complex in Odisha that will convert low-grade iron fines into pellets.

24 Nov 2014

Essar Steel raises $1 bn through export securitisation

According to the integrated steel producers, the latest move will help Essar Steel de-risk its balance sheet as its revenues are dollar linked and provides a natural hedge for dollar-denominated debt.

18 Nov 2014

Essar Steel Algoma concludes $1.4 bn recap & refinance

Essar Steel Algoma, the Canadian subsidiary of the Ruia-owned Essar Steel, on Tuesday said it has successfully completed the USD 1.4 billion recapitalisation and refinancing process.

13 Oct 2014

Essar Group ties up funds for $1.8-bn Minnesota iron project

Essar Steel Monday said it has concluded the financing for the construction of its $1.8 billion, 7-million-tonne iron pellet project in Minnesota that also includes open-pit mining, crushing and processing of the ore.

16 Jun 2014

Essar Steel bags order to supply 1.2 lakh tonne of steel pipes

Essar Steel today said it has bagged an order to supply 1.2 lakh tonnes of steel pipes to Saurashtra Narmada Avtaran Irrigation project of the Gujarat government.

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