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London/New Delhi, Mar 31 () NRI billionaire Lakshmi N Mittal on Tuesday announced a contribution of Rs 100 crore to the PM CARES Fund to combat the spread of the deadly coronavirus in India."ArcelorMittal Nippon Steel India (AM/NS India), a joint venture between (L N Mittal's) ArcelorMittal and Japan's Nippon Steel, and HMEL, a partnership between Hindustan Petroleum and Mittal Energy Investments, today announce a package of support to strengthen India's capacity to protect families and communities impacted by the virus."Both our operations in India commit equally to a total of Rs 100 crore to PM-CARES for the ongoing relief efforts countrywide," Mittal said in a statement."Citizens across India have shown extraordinary dedication, bravery and compassion in this moment of singular crisis and they deserve our support and the gratitude of the nation," the steel magnate said.COVID-19 is having significant repercussions for people in every continent, Mittal said.No country will be immune to it and for nations like India which have a vast population, the impact could be very serious, he added.Collaboration in times like these is critical, the industrialist asserted.Governments, companies and citizens must therefore work together to pool their resources, to ensure every action is taken to combat the pandemic as swiftly as possible, he said.Mittal also said his companies are providing daily meals to over 5,000 people and food kits to more than 30,000. ABI DIVDIV

COVID-19: Lakshmi Mittal announces contribution of Rs 100 cr to PM CARES Fund

The Hinduja brothers have topped the 2017 list of the richest people in the UK with a wealth of 16.2 billion pounds, a massive 3. 2 billion pound hike in their fortunes over the previous year, according to PTI news report. 'The <keyword id="642222" type="UNKNOWN" weightage="20" keywordseo="Sunday-Times-Rich-List">Sunday Times Rich List</keyword>' says that Brexit does not seem to have affected the country's billionaires, who grew in numbers with a 14 per cent rise in their fortunes since the referendum last June to earn a record 658 billion pounds collectively. Srichand and Gopichand Hinduja, aged 81 and 77, lead the pack of 134 UK-based billionaires on the list and have made their fortune from investments in industries such as oil and gas, automotive, IT, energy, media, banking, property and healthcare sectors. Their latest project is converting the Old War Office in London into a five-star hotel and luxury apartments, the newspaper notes. Another sof India-born billionaire brothers, David and <keyword id="1030837" type="PERSON" weightage="20" keywordseo="Simon-Reuben">Simon Reuben</keyword>, who had topped the list last year have moved down to third place with steel tycoon <keyword id="75195" type="PERSON" weightage="20" keywordseo="Lakshmi-N-Mittal">Lakshmi N Mittal</keyword> at fourth. The second spot, occupied by the Hinduja brothers until 2016, has been taken over by Russian-born American businessman <keyword id="222885" type="PERSON" weightage="20" keywordseo="Len-Blavatnik">Len Blavatnik</keyword>. "While many of us worried about the outcome of the <keyword id="6355123" type="ORGANIZATION" weightage="20" keywordseo="EU">EU</keyword> referendum, many of <keyword id="11101" type="COUNTRY" weightage="20" keywordseo="Britain">Britain</keyword>'s richest people just kept calm and carried on making billions," said Robert Watts, compiler of the list. "We expected to see a chilling effect in the run-up to the EU referendum, but that simply did not materialise. A buoyant stock market usually drives the wealth of Rich Listers higher, and since last June equities have soared," he said. This year's list was also described as more diverse in composition, with more women, more people from ethnic backgrounds, and more from surprising walks of life, with egg farmers and pet food makers among the super-rich line-up. It now takes assets of 110 million pounds to break into the ranks of the richest 1,000 people in the UK. The figure in 2016 was 103 million pounds. The top 20 in the list alone are worth a total of 191.77 billion pounds, increasing their wealth by 35.18 billion pounds over the past 12 months.

An Indian just got through the richest people list in the UK! Here’s who

British Prime Minister <keyword id="221875" type="General" weightage="80" keywordseo="Rishi-Sunak" source="Orion">Rishi Sunak</keyword> and his wife Akshata Murty have made their debut on the UK's '<keyword id="596197" type="General" weightage="80" keywordseo="Asian-Rich-list" source="Orion">Asian Rich List</keyword> 2022' topped by the <keyword id="840924" type="General" weightage="90" keywordseo="Hinduja-family" source="Orion">Hinduja family</keyword>. Sunak and his wife, whose father N R Narayana Murthy co-founded Indian IT major <keyword id="6354512" type="DOMAIN" weightage="20" keywordseo="infosys" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="infosys" meta.entityname="Infosys Ltd." meta.entityid="10960" meta.seoname="infosys-ltd">Infosys</keyword>, are ranked 17th on the list, with an estimated wealth of 790 million pounds. The combined wealth of this year's list sits at 113.2 billion pounds, an increase of 13.5 billion pounds over that of last year. The list is topped by the <keyword id="28125" type="DOMAIN" weightage="20" keywordseo="hinduja" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="hinduja" meta.entityname="Nxtdigital Ltd." meta.entityid="5318" meta.seoname="nxtdigital-ltd">Hinduja</keyword> family for the eighth consecutive time with an estimated wealth of 30.5 billion pounds, an increase of 3 billion pounds from the last year. Mayor of London Sadiq Khan presented a copy of the 'Asian Rich List 2022' to Ritu Chhabria, daughter of Gopichand Hinduja, Co-Chairman of the <keyword id="120582" type="General" weightage="100" keywordseo="hinduja-group" source="Orion">Hinduja Group</keyword> at the 24th annual Asian Business Awards at the Westminster Park Plaza hotel on Wednesday night. Hinduja Group is an Indian transnational conglomerate. The group is present in eleven sectors. Addressing the gathering, Chief Guest Oliver <keyword id="14278602" type="General" weightage="80" keywordseo="dowden" source="Orion">Dowden</keyword>, MP, Chancellor of Dutchy of Lancaster, said: "every year, we see the British Asian Community continue to grow in stature which comes as no surprise to me personally." "Throughout my life, I have seen first-hand the hard work, determination and entrepreneurship of the British Asian community. And, of course, in my latest job, I have a British Asian Boss, my very good friend Mr Rishi Sunak, the United Kingdom's first-ever British Asian Prime Minister," Dowden said. Sunak made an impressive comeback to become the UK's first Indian-origin Prime Minister on October 25, seven weeks after he had lost the race for 10 Downing Street to Liz Truss. The 42-year-old investment banker-turned-politician is the youngest British Prime Minister in 210 years and also the UK's first Hindu Prime Minister. "I want to say thank you. The British Asian business community is widely recognised as one of the most successful entrepreneurial groups ever. It is a remarkable story of building businesses creating jobs and amassing wealth. And as outlined in this year's Asian Rich List, Asian entrepreneurs have enriched Britain in all aspects of our national life," Dowden said. This year's Asian Rich list boasts 16 billionaires from the UK, one more than the last year with most of the billionaires seeing their wealth increase or stay the same as last year. Sri <keyword id="1834928" type="General" weightage="50" keywordseo="prakash-lohia" source="Orion">Prakash Lohia</keyword> and his family have seen the biggest increase in wealth on this year's list, a rise of 4 billion pounds to 8.8 billion pounds. Lakshmi Mittal and his son Aditya (12.8 billion pounds) and Prakash Lohia and family (8.8 billion pounds) and Nirmal Sethia (6.5 billion pounds) are other richest on the list. Shailesh R Solanki, the Executive Editor of Asian Marketing Group (AMG) and the host of the event, said: "The Asian Rich list is carefully compiled by a team of experts and it is the definitive guide to Asian wealth in Britain." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/radiation-emitted-from-mobile-towers-has-no-ill-effects-on-human-health-experts/articleshow/95743681.cms">Radiation emitted from mobile towers has no ill effects on human health: Experts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/germany-relaxes-schengen-visa-rules-for-indians/articleshow/95757566.cms">Germany relaxes Schengen visa rules for Indians</a>

UK's Asian Rich list: Hinduja family retain top spot, UK PM Sunak, his wife make debut

<ul><li>Myntra and Facebook-backed Meesho sold<a href="https://www.businessinsider.in/business/ecommerce/news/meesho-recorded-5-35-million-orders-during-the-one-day-sale/articleshow/92100754.cms"> 60 orders every second</a> or over 5 million products in total on one day of their sale.</li><li>The Consumer Confidence Survey, carried out by the central bank of India, is still in <a href="https://indianexpress.com/article/business/households-see-high-prices-over-next-3-months-consumer-confidence-rises-7965166/">the negative territory</a>.</li><li>The impact of this reduced sentiment however isn’t as bad, especially in discretionary spends.</li></ul>India’s e-commerce titans — Amazon, Flipkart and Myntra — are all hosting their mid-year sales at the moment. It might sound like a bad time as customer sentiment is low due to inflation, layoffs, increasing interest rates and more. But the e-commerce market behaves much differently than<a href="https://www.businessinsider.in/stock-market/news/why-you-should-continue-your-investments-and-sips-in-bear-markets/articleshow/92199199.cms"> the stock markets</a>. Both Myntra and Facebook-backed Meesho — which is the latest entrant among the biggest e-commerce players — sold<a href="https://www.businessinsider.in/business/ecommerce/news/meesho-recorded-5-35-million-orders-during-the-one-day-sale/articleshow/92100754.cms"> 60 orders every second</a> or over 5 million products in total on one day of their sale. For Myntra, it was the first day of its End of Reason sale held between June 11-16 and for Meesho, it was their one-day sale held a week before. Amazon and Flipkart have not yet revealed the performance of their sales yet. *While inflation and high petroleum prices are impacting everyone, consumer sentiment is not universally low. There are many categories in discretionary spending which are still having high sales. Anything with relatively high quality and reasonable pricing seems to be doing well,” N Chandramouli, founder of brand intelligence company TRA Research, too noted. According to several experts Business Insider spoke with, the right product at the right price matters. The Consumer Confidence Survey is still in <a href="https://indianexpress.com/article/business/households-see-high-prices-over-next-3-months-consumer-confidence-rises-7965166/">the negative territory</a>. The Reserve Bank of India’s (RBI) consumer confidence index showed slight improvement to 75.9 in May, compared to 71.7 in March, but it is still in the negative. The impact of this reduced sentiment however isn’t as bad, especially in discretionary spends. “The consumer sentiment isn't as negatively impacted as people are projecting it to be,” Shrenik Gandhi, co-founder and CEO of digital marketing agency White Rivers Media, told Business Insider India. He noted that businesses have to come up with the right products and services at the right time, right price to attract customers. <cmsannotation type="cmsannotation" annotationid="A white space for brands" comment="subhead" text="A white space for brands">A white space for brands</cmsannotation> Shahan Sud, an investment banker turned VC, explained that the union of the attention recession and the impending recession will create a white space for brands that will allow them to curate their stockkeeping unit (SKU) that cater to consumers that are looking for a “value buy, but one that keeps up the fashion trends of the season”. A previous report by ICICI Securities, published earlier this week, also noted that the discretionary companies like retail, QSRs and jewellery will be performing well for now. The low-ticket segment of staples would have the biggest impact of the negative sentiment due to their dependency on the bottom strata for incremental volumes. <cmsannotation type="cmsannotation" annotationid="Beauty, durables will be the biggest sellers in 2022" comment="subhead" text="Beauty, durables will be the biggest sellers in 2022">Beauty, durables will be the biggest sellers in 2022</cmsannotation> Madhur Singhal, managing partner and CEO of Praxis Global Alliance, noted that there will be significant increase in direct-to-consumer (D2C) brands selling beauty, home, kitchen, utilities, and durable goods. Besides this, even electronics and durables will also record good sales this year. He believes that things could be much better than they are now. He noted that the sales will be soft for a few months before they pick up. Contrary to the popular opinion, he noted that the festive sales growth might be muted compared to last year as the trends of revenge buying and pent-up demand have faded away. “I think this year’s festive season will be much better than the previous two years, with consumer spend increasing,” Chandramouli said, differing from Singhal’s opinion. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/ril-hdfc-sbi-zomato-among-stocks-to-watch-out-for-on-june-16/slidelist/92242578.cms" style="">RIL, HDFC, SBI, Zomato among stocks to watch out for on June 16</a> <a href="https://www.businessinsider.in/business/startups/news/cashe-is-now-offering-instant-loans-on-whatsapp-in-30-seconds/articleshow/92230354.cms" style="">A company is now offering instant loans on WhatsApp in 30 seconds</a> <a href="https://www.businessinsider.in/business/startups/news/ronnie-screwvalas-upgrad-is-now-worth-more-than-2-billion/articleshow/92227976.cms">Ronnie Screwvala's UpGrad reportedly worth over $2 billion after fund infusion by Lakshmi Mittal and Sunil Bharti Mittal</a>

Amazon, Flipkart and Myntra sales – all unaffected by low consumer sentiment

New Delhi, Dec 14 () Global steel major ArcelorMittal is keen to expand its presence in India, Steel Minister Dharmendra Pradhan said on Saturday.
 Pradhan, who met ArcelorMittal Chairman and CEO Lakshmi Niwas Mittal here, assured him of full support to leverage the country's large market.
 The meeting comes a day after ArcelorMittal initiated payment of Rs 42,000 crore for acquiring debt-laden Essar Steel, which it had won in an insolvency process.
 "Had a fruitful meeting with Mr. Lakshmi Niwas Mittal, Chairman &amp; CEO of ArcelorMittal @ArcelorMittal. We had wide ranging discussions on ways to boost domestic steel production through technology upgradation &amp; attracting more investments in the steel sector, " Pradhan said in a tweet.
 In another tweet, the minister said ArcelorMittal is keen to expand its presence in India and he has assured the company of full support and cooperation to help leverage India's large and diverse market, rising demand and investor friendly regime.
 The decks for acquisition of Essar Steel by the L N Mittal-led company were cleared by the Supreme Court last month.
 Essar Steel was auctioned under the new Insolvency and Bankruptcy Code to recover Rs 54,547 crore of unpaid dues of financial lenders and operational creditors. ABI ABM
ABM

ArcelorMittal keen to expand presence in India: Pradhan

New Delhi, May 7 () Global steel giant ArcelorMittal on Thursday reported a net loss of USD 1.1 billion for the first quarter ended March 31, 2020 amid the coronavirus crisis. The world's largest steelmaker had posted a net income of USD 0.4 billion in the year-ago quarter, the company said in a statement. "ArcelorMittal recorded a net loss for quarter 1, 2020 of USD 1.1 billion... as compared to a net loss for quarter 4, 2019 of USD 1.9 billion and a net income for quarter 1, 2019 of USD 0.4 billion," the company said. The world's leading integrated steel and mining company follows January-December fiscal year. "The improved operating performance in the first quarter has been considerably overshadowed by the COVID-19 crisis. Faced with a significant humanitarian challenge, the company's first priority has been to take all the necessary actions to safeguard the wellbeing of our people and to provide support to the extent required in the communities in which we operate," ArcelorMittal Chairman and CEO Lakshmi N Mittal said. Mittal further noted that: "We have also moved decisively to protect the business in the face of the completely unprecedented scenario we are facing where social and economic lockdown has contributed to a significant decline in demand." The company also had to reduce production due to reduced demand, he said. There are still too many uncertainties to accurately predict what the rest of the year holds. However, it seems likely that over the course of this month countries will start to announce details of their exit strategies, Mittal said. "The remainder of this year will be challenging, but I am confident that ArcelorMittal has the experience and inherent resilience, to manage through these difficult times," he said. ABI DRRDRR

ArcelorMittal reports USD 1.1 bn net loss in Mar qtr

New Delhi, Feb 25 () ArcelorMittal chief L N Mittal on Tuesday called on Union Steel Minister Dharmendra Pradhan and discussed ways to boost domestic steel consumption and make the sector more competitive. Pradhan in a tweet said that they had discussion on driving domestic steel demand and making the Indian industry more vibrant among other issues. "Had a fruitful meeting with Mr. Lakshmi Niwas Mittal, Chairman &amp; CEO of ArcelorMittal @ArcelorMittal. We had good discussions on sustainable energy, driving domestic steel demand, boosting steel consumption and making our steel and oil &amp; gas industry more vibrant and competitive," Pradhan tweeted. This was the second meeting between Mittal and Pradhan since December 2019. ArcelorMittal made its foray into the Indian market by acquiring Essar Steel in December 2019 through insolvency process. ArcelorMittal has set up a joint venture with Nippon Steel Corporation, called ArcelorMittal Nippon Steel India Limited, which will own and operate Essar Steel. ArcelorMittal holds 60 per cent in the JV. The global steel major had also entered into an MoU with state-run SAIL in 2015 for setting a high-end automotive steel plant under a joint venture in the country. A SAIL official said that the steel PSU had received no response from the global steel company over the plans to set up a joint plant. ArcelorMittal had earlier said that it needs time as it was busy with Essar Steel.In December 2017, Steel Authority of India Ltd (SAIL) board had approved a proposal to enter into a JV with ArcelorMittal for manufacturing high-end automotive steel. The definitive agreement in this regard was to be finalised later. ABI MRMR

ArcelorMittal chairman calls on Pradhan

New Delhi, May 7 () Luxembourg-based ArcelorMittal on Thursday reported a net loss of USD 1.1 billion for the first quarter ended March 31, 2020 amid coronavirus pandemic. The world's largest steelmaker had posted a net income of USD 0.4 billion in the year-ago quarter, the company said in a statement. "ArcelorMittal recorded a net loss for quarter 1, 2020 of USD 1.1 billion... as compared to a net loss for quarter 4, 2019 of USD 1.9 billion and a net income for quarter 1, 2019 of USD 0.4 billion," the company said. The world's leading integrated steel and mining company follows January-December fiscal year. "The improved operating performance in the first quarter has been considerably overshadowed by the COVID-19 crisis. Faced with a significant humanitarian challenge, the company's first priority has been to take all the necessary actions to safeguard the wellbeing of our people and to provide support to the extent required in the communities in which we operate," ArcelorMittal Chairman and CEO Lakshmi N Mittal said. Mittal further said: "We have also moved decisively to protect the business in the face of completely unprecedented scenario we are facing where social and economic lockdown has contributed to a significant decline in demand." The company also had to reduce production due to reduced demand, he said. There are still too many uncertainties to accurately predict what the rest of the year holds. However, it seems likely that over the course of this month countries will start to announce details of their exit strategies, Mittal said. "The remainder of this year will be challenging, but I am confident that ArcelorMittal has the experience and inherent resilience, to manage through these difficult times," he said. The gross debt stood at USD 13.8 billion as of March 31, 2020, the company said. The company further said, its crude steel production came down to 21.1 million tonne (MT) from 24.1 MT in January-March 2019. Sales stood at USD 14.8 billion as compared to USD 19.2 billion in first quarter of 2019, due to lower steel shipments owing to COVID-19 crisis. Total steel shipments in January-March 2020 were at 19.5 MT compared with to 21.8 MT for first quarter of 2019. The global escalation of the COVID-19 pandemic and subsequent measures introduced by governments worldwide to contain it, has negatively impacted economic activity and industrial supply chains across the world, the company said adding that it is experiencing a significant decline in industrial activity in all geographic markets in which it operates. "The company has responded swiftly by significantly reducing production including temporarily idling steel making and finishing assets globally in alignment with reduced demand and government requirements. As a result, the company expects a significant negative impact on volumes until industrial activity normalizes," the company said. On the outlook for the sector, it said, steel shipments for the second quarter of 2020 is expected to be within the range of 13.5 MT to 14.5 MT, while the actions taken to reduce all costs in line with reduced operating rates are expected to yield a reduction in fixed, essentially maintaining fixed costs per-tonne at the first quarter of 2020 level. As a result EBITDA (earnings before interest, taxes, depreciation, and amortization), which was USD 1 billion in the first quarter, is expected to be within the range of USD 0.4 billion to USD 0.6 billion in second quarter of 2020. Given this uncertainty, the company has withdrawn its forecasts for apparent steel consumption and consequently expects steel shipments in 2020 to be below the 2019 level. The company will continue to make ongoing decisions to adjust production in various geographies in accordance with the level of steel demand and government requirements. ABI DRRDRR

ArcelorMittal reports USD 1.1 bn net loss in Jan-Mar qtr

New Delhi, Feb 28 () Fitch Ratings on Friday said HPCL-Mittal Energy Limited's credit metrics over 2019-20 and 2020-21 financial years would worsen by more than previously expected due to near-term weakness in refining margins and a faster pace of its petrochemical (petchem) capex. Earlier this week, Moody's Investors Service downgraded the corporate family rating of HMEL to Ba2 from Ba1 due to weak refining margins arising from a slump in fuel demand. In a statement, Fitch Ratings said while credit metrics will worsen in the current and the next financial year, "an accelerated earnings contribution from petchem will lead to faster deleveraging, resulting in net leverage (as defined by adjusted net debt/operating EBITDAR) coming down to below 5-times by FY23." The net leverage is still within Fitch's negative rating sensitivities for HMEL's Standalone Credit Profile (SCP) of 'bb-'. HMEL expects to start commercial operations of its petchem project by April 2021, a year ahead of its previous expectation. It spent R 3,800 crore during the first nine months of current fiscal and is likely to top Rs 6,000 crore for the financial year, compared with Fitch's previous expectations of Rs 3,500 crore. The company, which operates an 11.3 million tonnes a year oil refinery at Bhatinda in Punjab, is in the process of setting up a dual-feed petrochemical capacity of 1.2 million metrics tons per annum (mtpa). The project, which commenced in October 2017, was originally planned to be completed by March 2022. However, the company now intends to complete it by April 2021. The firm, which is an equal joint venture of Hindustan Petroleum Corp Ltd (HPCL) and steel czar Lakshmi N Mittal's Mittal Energy Investments, expects FY22 to be the first full year of petchem operations, with an EBITDA contribution of around USD 400-500 million. "However, we have assumed that it takes longer for the petchem project to stabilise and turn profitable, contributing around USD 115 million of EBITDA in FY22," it said. Fitch expects net leverage to peak at around 7x over FY20-FY21, before improving to below 5x in FY22 and below 4x in FY23. The leverage spike in FY21 is also affected by a one-off 60-day shutdown period for major maintenance of the refinery and integration of the petchem operations. "We had earlier expected leverage to range around 6x during FY20-FY21 and fall to around 5x by FY23," it said. HMEL reported EBITDA of Rs 2,600 crore during April-December 2019, with a gross refining margin (GRM) of USD 9.6 per barrel versus USD 10.3 in FY19. The reduction was in line with the industry due to strong new supply from China, volatility in crude prices leading to inventory losses, and falling heavy-fuel oil cracks in light of the tougher marine fuel regulations by the International Maritime Organization IMO from January 2020. Fitch said it has revised down its industry-wide GRM expectations, given the continuing surplus in the refining markets and also weaker-than-expected diesel spreads. The refining margins are also likely to be weighed down by the coronavirus situation in the near term but refining margins are expected to improve over the medium term, benefitting from strong diesel spreads driven by the IMO regulations, it said. "Sustained volatility in GRMs, lower earnings from the petchem project, or weaker demand for petroleum products if COVID-19 prevails for a prolonged period would be credit negative. "Any delays or challenges in the integration of HMEL's petchem project could also have an impact on deleveraging and add downward pressure to HMEL's SCP, which has little headroom at 'bb-'," Fitch added. Bhatinda refinery has high-complexity with a Nelson complexity index of 12.6, allowing for the processing of heavy crude oil and optimisation of product slate. ANZ ANZ MRMR

HMEL's credit metrics to worsen due to weak refining margins: Fitch Ratings

New Delhi, Dec 13 () Global steel giant ArcelorMittal has initiated payment for acquisition of debt-ridden Essar Steel for Rs 42,000 crore, sources said on Friday.
 The decks for acquisition of Essar Steel by L N Mittal-led company was cleared by the Supreme Court last month.
 According to banking sources, "Payment from ArcelorMittal has started flowing and entire payment is expected to be cleared in a day or two."
 Another source privy to the development said ArcelorMittal has arranged the entire fund and is likely to transfer the amount by Monday.
 "ArcelorMittal has arranged the entire amount of Rs 42,000 crore which is likely to be transferred to State Bank of India, the lead banker to take control of Essar Steel under the Insolvency and Bankruptcy Code," one of the sources said.
 When contacted, ArcelorMittal refused to comment on the issue.
 After the payment to the lenders, this will be the single-biggest recovery under the IBC.
 While ArcelorMittal had kept the entire Rs 42,000 crore amount to be repaid in an escrow account, it did not immediately release it to the lenders after the November 15 Supreme Court order, sources said.
 As per the plans approved by the committee of creditors (CoC), upheld by the Supreme Court in its November 15 ruling, SBI will receive the largest chunk at about Rs 12,161 crore, the sources said.
 Besides, Canara Bank will get Rs 3,493 crore and ICICI Bank Rs 2,110 crore, the sources said.
 Following the Supreme Court verdict, ArcelorMittal last month said it expects to complete the acquisition by the end of this year.
 ArcelorMittal India Private Ltd's (AMIPL) resolution plan for Essar Steel India Ltd (ESIL) has been unconditionally approved by the Supreme Court and the approval of AMIPL's resolution plan is the final procedural step in ESIL's corporate insolvency process, the company had said in a statement.
 "Completion of the transaction is now expected before the end of the year. After completion, ArcelorMittal will jointly own and operate ESIL in partnership with Nippon Steel Corporation, Japan's largest steel producer and the third largest steel producer in the world, in line with the joint venture formation agreement signed by the two companies," it had said.
 The Supreme Court paved the way for ArcelorMittal's takeover of Essar Steel for Rs 42,000 crore and set aside the July 4 National Company Law Appellate Tribunal (NCLAT) order giving equal status to financial creditors and operational creditors.
 The bench had clarified that financial creditors enjoy primacy over operational creditors and the adjudicating authority cannot interfere with the decision approved by the committee of creditors.
 The top court said the adjudicating authority can send back the resolution plan to the CoC for the implementation in accordance with the guidelines but cannot change the commercial decision taken by the CoC.
 The bench said the CoC resolution plan must balance the interest of all stakeholders.
 The apex court had on July 22 ordered status quo in the Essar insolvency case.
 The verdict came on a plea of the CoC challenging the 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 was auctioned under the new Insolvency and Bankruptcy Code to recover Rs 54,547 crore of unpaid dues of financial lenders and operational creditors. ABI DP NAM HRS

ArcelorMittal initiates Rs 42,000 cr payment for Essar Steel acquisition

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Reuters/Heinz-Peter BaderSteel prices have been rocked by the slowdown in China.</div></div></div>ArcelorMittal, the biggest steel producer in the world, saw <a href="http://corporate.arcelormittal.com/~/media/Files/A/ArcelorMittal/news-and-media/press-releases/2016/ArcelorMittal-first-quarter-2016-results.pdf" target="_blank">first quarter profits fall by a third</a> as the price slump in commodities continued to affect its bottom line.Revenues in Q1 were $13.4 billion (£9.3 billion), massively down from $17.1 billion (£11.8 billion) in the same period last year. Earnings before tax fell to $927 million (£640 million) from $1.38 billion (£950 million) the year before.Despite the slump, the company narrowed its net losses, which were $416 million (£287 million) from $728 million (£502 million) in Q1 of 2015.Lakshmi N. Mittal, ArcelorMittal's Chairman and CEO, said the results reflected tough operating conditions thanks to China:"We have seen a recovery in spreads in our core markets to more sustainable levels, which is expected to result in improved results in the coming quarters. This is a welcome development, although given the levels of excess capacity in China the market remains fragile and we must continue to be vigilant and active against the threat of unfair trade."The report added that while Arcelor while expected steel demand to decline due to weakness in the real estate sector, it also thought prices would stabilise to 2015 levels due to "an end to destocking."As Business Insider <a href="http://uk.businessinsider.com/arcellormittal-bg-group-losses-2015-oil-steel-2015-2016-2" target="_blank">previously reported</a>, Luxembourg-based Arcelor has been stung by China exporting a record amount of steel to combat its slowing economy.China made more steel than every other country combined last year, <a href="http://www.wsj.com/articles/arcelormittal-narrows-losses-1462512252" target="_blank">according to the Wall Street Journal</a>, forcing EU and US governments to impose import tariffs. But it's still hasn't been enough to curb falling prices in the regions.Tata steel, Europe's second largest steel producer, said it <a href="http://uk.businessinsider.com/tata-steel-puts-its-entire-uk-business-up-for-sale-2016-3" target="_blank">planned to sell off its British assets last March</a> in response to Chinese competition, while in April US Senator Ron Wyden <a href="http://uk.businessinsider.com/us-deals-with-china-overcapacity-2016-4?r=US&amp;IR=T" target="_blank">accused China</a> of "distorting" the markets and suppressing steel prices.ArcelorMittal shares fell 3.6% on the news, dropping to €4.52 a share as of 8:50 AM GMT:<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://www.investing.com/equities/arcelormittal-reg">Investing.com</a></div></div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/goldman-sachs-history-banks-finance-markets-ed-morris-2016-4">THE STORY OF GOLDMAN SACHS: From foot peddlers to a powerhouse</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="NxNWJ1MjE6u0RxXow5D79vSG1wtQyHQT" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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