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<keyword id="161363" type="COMPANY" weightage="20" keywordseo="Ruia-Group">Ruia Group</keyword> Chairman <keyword id="252879" type="PERSON" weightage="100" keywordseo="Pawan-Ruia">Pawan Ruia</keyword> was today arrested by <keyword id="6357783" type="CITY" weightage="100" keywordseo="West-Bengal">West Bengal</keyword> CID from his New Delhi residence in connection with a complaint of theft lodged by <keyword id="6360676" type="CITY" weightage="20" keywordseo="Railways">railways</keyword> last month, as per a news report by an agency. 
 <keyword id="172583" type="COMPANY" weightage="20" keywordseo="Ruia">Ruia</keyword> was arrested from his residence in <keyword id="1951691" type="PERSON" weightage="20" keywordseo="sundar-nagar">Sundar Nagar</keyword> area in the national capital this morning, a senior CID officer said. 
 Ruia was arrested on the basis of complaint of Railways ministry regarding theft of its goods worth Rs 50 crore which went missing from the <keyword id="335431" type="COMPANY" weightage="20" keywordseo="Jessop">Jessop</keyword> factory premises in <keyword id="230413" type="CITY" weightage="20" keywordseo="Dum-Dum">Dum Dum</keyword> in the city, the officer said. 
 He has been booked under <keyword id="6360844" type="COMPANY" weightage="20" keywordseo="IPC">IPC</keyword> sections 420 (cheating), 406 (Punishment for criminal breach of trust) and 409 (criminal breach of trust by public servant, or by banker, merchant or agent), the officer said. 
 
The Railways had filed an FIR with the Dum Dum Police Station after an inspection team found several equipment and coaches worth Rs 50 crore were missing from the factory premises at Dum Dum. 
 
The CID had summoned Ruia four times in the past in connection with its probe into a theft case in the Jessop factory in Dum Dum where a fire had broken out on October 17. 
 
A Special Investigating Team was formed by the CID to probe the theft at the factory premises. 
 Ruia had moved <keyword id="6364869" type="ORGANIZATION" weightage="20" keywordseo="Calcutta-High-Court">Calcutta High Court</keyword> which refused to stay proceedings against him in connection with the case filed by the CID following the fire and directed him to cooperate in the investigation. 
 Ruia had moved the High Court seeking quashing of the case filed against him by CID, claiming he is not the chairman of Jessop and he is neither the director nor a shareholder, or an occupier of <keyword id="3794215" type="UNKNOWN" weightage="20" keywordseo="jessop-and-co-ltd">Jessop and Co Ltd</keyword> or any of its premises. 
 Former workers of the factory had alleged that the fire was part of a "conspiracy by a third party" following which the West <keyword id="6356978" type="CITY" weightage="20" keywordseo="Bengal">Bengal</keyword> government ordered a CID probe into the incident. 
 Meanwhile, reacting to the development, Ruia group spokesperson said, "Pawan Ruia does not hold any position in <keyword id="572658" type="ORGANIZATION" weightage="20" keywordseo="Jessop-Co-Ltd">Jessop &amp; Co Ltd</keyword>. He is neither a director, nor a shareholder of the company. He is not even an occupier of any Jessop premises. We fail to understand how can he be dragged into the case. We will contest all the charges brought against him at proper legal forum". 
 The Bengal government had passed a bill to takeover <keyword id="161365" type="COMPANY" weightage="20" keywordseo="Dunlop">Dunlop</keyword> and Jessop earlier this year and for the last eight months the state government is paying Rs 10,000 per month on an ad hoc basis.

Industrialist Pawan Ruia
arrested on charges of theft of railway equipments in West Bengal

New Delhi, Feb 5 () Ruia-family controlled Essar Global Fund Ltd (EGFL) on Wednesday announced appointment of Arun Kumar Jain as Operating Partner of Projects business.He will be a member of the Board, EGFL said in a statement."Arun Kumar Jain appointed Operating Partner of Essar's Projects business, a key portfolio business of EGFL," it added.As the shareholders' representative, Jain will drive the strategic roadmap of the projects business. He will monitor and review performance, as well as strive to mitigate the operational and financial risks associated with the business, the statement said.Prior to Essar, Jain was associated with BHEL. He has over 17 years of experience in various leadership roles."We are confident that Jain's experience and leadership track record, which is complemented by a team of highly skilled professionals, will help steer the performance of this vital EGFL portfolio company, thereby enhancing the overall value of our investment. I would like to extend him a warm welcome to the Essar Family," Prashant Ruia, Director-Essar Capital, said.Until date, EGFL, through its investment manager, Essar Capital, has invested USD 1 billion in Essar Projects. ABI BAL

Essar Projects appoints Arun Kumar Jain as Operating Partner

New Delhi, Feb 23 () The USD 10 billion energy-to-technology conglomerate Essar is looking to embark on a new phase of investment-led growth on the strength of a substantially lighter balance sheet arising from repayment of Rs 1.4 lakh crore loans over the last three years, the promoter Ruia family has said. Despite losing Essar Steel in insolvency proceedings, cash flows remain strong, with Rs 1,00,000 crore of revenues from existing businesses. The group has kickstarted its 50th-anniversary celebrations with an aggressive influencer outreach. In a mailer sent to Union ministers, chief ministers and top bureaucrats, 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." The letter was jointly signed by Ravi Ruia and Prashant Ruia. "In the largest debt reduction exercise in the history of corporate India, we have paid about Rs 140,000 crore (USD 20 billion) of debt to the banking system over the last 3 years," the promoter Ruia family wrote in the letter. In a clear affirmation that it had put the past behind, they said: "Our strong portfolio of companies consistently generates healthy and sustainable earnings and have combined revenue of about Rs 1,00,000 crore (USD 14 billion)." The group claimed that its ambition to create world-class businesses has not been thwarted by business and regulatory challenges in the mainstream steel and power business. Essar, the promoters said, had played a vital role in the country's development, with capital investments of over Rs 2 lakh crore in the vital sectors of ports, steel plants, oil refining and fuel retail, oil and gas exploration and production, power generation and transmission, mining, shipping and telecom, with substantial equity contribution. "We have built some of the finest assets in these sectors, creating thousands of jobs, and contributing several thousand crores of rupees to the Indian exchequer by way of taxes and royalties," they wrote. "A few years ago, we took a conscious call of reducing our debt in response to the evolving global and domestic economic scenario." Reminiscing the last 50 years of the Essar journey, the Ruias said the group had to face several business and regulatory challenges along the way in its flagship steel and power businesses, "which particularly impacted us." "Committed gas supply contracts for the Essar Steel Complex were withdrawn in 2012 and allotted coal mines for power plants were cancelled in 2014, leading to a partial closure of some of our prime operating assets," they said. "We have dealt decisively and proactively with these challenges and decided that it would be prudent to drastically reduce our borrowings." These challenges did not stop Essar from creating world-class assets. "The greenfield assets built by Essar have attracted significant Foreign Direct Investment (FDI) of USD 40 billion, which is reflective of the superior and world-class quality of its assets," the letter said. Deal to sell Essar Oil to Russia's Rosneft alone saw over Rs 86,000 crore (USD 13 billion) of FDI, the country's largest until date, it claimed. On an upbeat note, Essar said it will continue to use its entrepreneurial skills, a vast pool of human resources, and decades of experience and innovation in pursuing fresh opportunities and creating value for all its stakeholders. Essar currently owns businesses in the core sectors of energy, metals &amp; mining, infrastructure, services and technology. In the energy sector, Essar has commercial interests in oil, gas and coal bed methane exploration and production in India, Vietnam and Nigeria; oil refining and retailing in UK and power generation in India and Canada. In infrastructure, Essar operates ports and terminals in India, UK and Africa, and has commercial interests in turnkey project construction in India and the Middle East. In the metals and mining sectors, the Essar Group has exposure to iron ore mining and pelletisation and coal mining in the US and Indonesia. In new-age services, Essar said it has business interests in digital solutions and customer experience platforms in India, Europe, and US. "We have fulfilled our Corporate Social Responsibility with focused community uplift programmes in the areas of livelihoods &amp; entrepreneurship, women's empowerment, health, education, infrastructure and environment. The positive impact of these initiatives makes a difference in the lives of 500,000 people from 500 villages across 8 Indian states," the letter added. ANZ ABM

Essar signals resuming investment-led growth plan

<ul><li>The government is looking to increase the accountability of promoters towards their defaulted loans. </li><li>To this effect, the government could amend its bankruptcy law which will allow banks to invoke personal guarantees given by promoters for loans to their companies. </li><li>An appellate court had earlier disallowed such a move, in a case involving the Ruias and their bankrupt Essar Steel. </li></ul> India’s Finance Ministry is sitting on a new amendment to the bankruptcy law. That might be a big setback for the Ruia family, the promoters for the bankrupt Essar Steel, and others who gave personal guarantees against bank loans. As per the current resolution process, lenders can recover a certain portion of the dues from the bankrupt company. The proposed amendment targets personal guarantors to corporate debt. Once amended, the law will allow lenders to recover some ‘more money’ from such guarantors, according to sources who added that the Finance Ministry’s approval is likely in the next few days. A recent ruling by the National Company Law Appellate Tribunal (NCLAT) had disallowed a similar appeal by Essar Steel’s lenders. “Once the debt payable by the ‘Corporate Debtor’ stands cleared in view of the approval of the plan by making payment in favour of the lenders (‘Financial Creditors’), the effect of ‘Deed of Guarantee’ comes to an end as the debt stands paid,” the NCLAT order had said. ”The ‘financial creditors’ in whose favour guarantee were executed as their total claim stands satisfied to the extent of the guarantee, they cannot reagitate such claim from the Principal Borrower,” it added. But the government is intent on ensuring that banks get as much money back as they can, even if it is from the promoter’s personal assets. “If the government is proposing amendments in this space by way of amendment in the IBC (Insolvency and Bankruptcy Code) and if that is so, it would need a parliament approval. We will have to wait and see the nature of amendments to be sure whether parliamentary approval is needed or not. Secondly, I am sure that promoters of various corporate debtors will test any such amendment in a court of law,” said Kunal Tandon, a lawyer who has represented banks in bankruptcy cases. "The matter is subjudice and recovery amounts haven’t yet been crystallised. Hence it is premature to comment," an Essar Group spokesperson told Business Insider. This will be the second change to the bankruptcy law in the last three months In July, the NCLAT approved ArcelorMittal’s ₹42,000-crore ($6 billion) offer for Essar Steel. However, the NCLAT also held that financial creditors (banks) at par with operational creditors (unpaid suppliers, vendors etc). This would have reduced the banks’ share of proceeds from the sale amount. But the government argued that the ruling was against the spirit of the bankruptcy law and process. So it brought in an amendment soon after that allowed the banks to decide how the proceeds of the resolution will be distributed. SEE ALSO: <a href="https://www.businessinsider.in/nclat-clears-arcelormittal-bid-for-bankrupt-essar-steel/articleshow/70071681.cms" data-type="tilCustomLink" target="_blank">ArcelorMittal's bid for the bankrupt Essar Steel clears another hurdle that will give banks 60% off their dues-- butthe appellate order has done something more</a> <a href="https://www.businessinsider.in/a-slowing-indian-economy-is-clouding-over-arcelormittals-6-billion-bid-for-essar-steel/articleshow/71004519.cms" data-type="tilCustomLink" target="_blank">A slowing Indian economy is clouding over ArcelorMittal's $6 billion bid for Essar Steel</a>

EXCLUSIVE: New amendment to bankruptcy law has Prashant Ruia’s personal guarantee on its radar

A <keyword id="2226735" type="UNKNOWN" weightage="80" keywordseo="Delhi-CBI-court">Delhi CBI court</keyword> today recorded the statement of A Raja, former Telecom Minister and key accused in the 2G spectrum allocation scam. 
Special CBI Judge OP Saini started the statement recording and said that it was a "direct conversation" between him and the accused (A Raja). 
 
"Now the statement of the accused will be recorded. It is a direct conversation between the accused and the judge... You (accused) may chose to reply or not reply," the judge said. 
 
Prior to this, the court had supplied a draft questionnaire to the accused. The draft contained 1,718 questions and 824 pages. 
 
The court has postponed the deposition of the promoters of the Essar Group and Loop Telecom till May 19. Essar Group promoters Ravi Ruia and Anshuman Ruia, Loop Telecom promoters Kiran Khaitan, her husband IP Khaitan and Essar Group director (strategy and planning) Vikash Saraf are facing trial in the case along with the three firms – Loop Telecom Ltd, Loop Mobile India Ltd and Essar Tele Holding Ltd. 
 
"I think there will be no time for you today. The matter is adjourned for recording of statement of accused till May 19," the judge said. 
All the accused have denied the charges levelled by the CBI in the case. 
 Earlier, the court had recorded the statements of 153 CBI witnesses, including Reliance ADAG chairman <keyword id="9171" type="PERSON" weightage="40" keywordseo="Anil-Ambani">Anil Ambani</keyword>, his wife <keyword id="40530" type="PERSON" weightage="40" keywordseo="Tina-Ambani">Tina Ambani</keyword>, former corporate lobbyist <keyword id="149786" type="PERSON" weightage="40" keywordseo="Niira-Radia">Niira Radia</keyword> and Attorney General GE Vahanvati. The statement ran into more than 4,400 pages. 
 Apart from Raja and Karunanidhi’s daughter <keyword id="131867" type="PERSON" weightage="40" keywordseo="Kanimozhi">Kanimozhi</keyword>, former telecom secretary Siddharth Behura, Raja's former private secretary RK Chandolia, Swan Telecom promoters Shahid Usman Balwa and Vinod Goenka, Unitech Ltd MD Sanjay Chandra, and Reliance ADAG executives – Gautam Doshi, Surendra Pipara and <keyword id="166256" type="PERSON" weightage="40" keywordseo="Hari-Nair">Hari Nair</keyword> – are also facing trial in the case. 
 
Image: Indiatimes

2G
Case: A Raja’s Statement Recorded

<ul><li><keyword id="6411578" type="PERSON" weightage="20" keywordseo="ajay-piramal">Ajay Piramal</keyword> received ₹8,900 crore, a whopping 52% return or $1.4 billion as per the exit agreement from vodafone-Idea.</li><li>Singh however exited <keyword id="6354923" type="UNKNOWN" weightage="20" keywordseo="vodafone-india">Vodafone India</keyword> in 2014 by selling his entire stake to its parent company Vodafone for ₹1, 241 crore.</li><li>Essar agreed to sell their stake at $5 billion which was a part of the deal</li><li>Here is a look at these three wise men</li></ul>The owners and shareholders of Vodafone Idea alike are nervous about its survival. All thanks to Supreme <a href="https://thewire.in/business/apex-court-verdict-on-agr-how-much-will-indias-telecom-industry-have-to-cough-up">Court’s move to support Indian telecom department</a> over a dispute on revenue calculations. That means <a href="https://www.businessinsider.in/stock-market/markets/news/vodafone-idea-share-price-falls-sharply-after-record-loss-in-second-quarter/articleshow/72065283.cms">Vodafone is saddled with a bill of ₹44,150 crore</a>. But not all those who invested in Vodafone have lost. In fact, <a href="https://www.business-standard.com/article/companies/wherever-vodafone-investors-go-hefty-returns-follow-114041500133_1.html">three investors made the right bet at the right time</a> and walked away with handsome profits. Here is a look at these three wise men Ajay Piramal makes 52% returns on his investment 
 
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 Right after the first telecom war cooled off, Vodafone India (before merger with Idea) was back in the green due to reduced competitive intensity. That is when Vodafone was planning to go ahead with a public offer. One of the pre-IPO investors was Ajay Piramal who via Piramal Enterprises purchased 11% stake in 2011-12. He paid ₹5,864 crore but when it became obvious that the IPO plans were not going through, he also sold them in 2014. And, <a href="https://www.forbes.com/sites/naazneenkarmali/2013/12/06/indian-billionaire-ajay-piramal-to-get-500-million-windfall-from-vodafone-stake-sale/#645833232d13">he received ₹8,900 crore</a>, a whopping 52% return or $1.4 billion, as per the exit agreement. Putting it simply, he received a listing premium for an IPO that never happened. Now of course, the Piramals are associated with the reigning telecom giant Jio, by marriage. Ajay Piramal’s son Anand Piramal is married to Isha Ambani, the daughter of Mukesh Ambani, the owner of Reliance Industries. Analjit Singh exits his legacy investments for ₹1, 241 crore 
 
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 <a href="https://www.thehindubusinessline.com/info-tech/analjit-singh-appointed-vodafone-india-chairman/article23065539.ece">Analjit Singh</a>, the founder and chairman of Max India, and his wife held 24.65% in Vodafone through Scorpio Beverages. He <a href="https://www.business-standard.com/article/technology/essar-exits-vodafone-for-5-bn-111040100124_1.html">had been with the Hutch group</a> before it was purchased by Vodafone and also increased in stake later. Singh however exited Vodafone India in 2014 by selling his entire stake to its parent company Vodafone for ₹1, 241 crore. He got <a href="https://economictimes.indiatimes.com/industry/telecom/analjit-singh-to-get-1/7th-of-what-piramal-will-get-for-exiting-vodafone/articleshow/26973026.cms?from=mdr">1/7th of what Piramal received</a>, as the British parent was increasing its stake in the company. He currently heads Max Group that comprises of three holding firms, namely Max Financial Services, Max India and Max Ventures and Industries. The Ruias of Essar call in the cash with their put option 
 
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 When Ruias of Essar sold 67% of controlling stake to Vodafone in 2007, they never exited completely. They had held 33% minority stake in the company. The former deal which landed Vodafone in an <a href="https://www.businessinsider.in/stock-market/markets/news/vodafone-idea-share-price-falls-sharply-after-record-loss-in-second-quarter/articleshow/72065283.cms">unexpected tax case</a>, also provided Ruias with a put option to exit their investment. During the start of this decade, Vodafone was planning an IPO and buying out all the minority shareholders. After multiple rounds of <a href="https://www.business-standard.com/article/technology/essar-exits-vodafone-for-5-bn-111040100124_1.html">negotiating and dilly dallying</a>, Essar agreed to sell their stake at $5 billion which was a part of the deal. However, since the 2007 deal was brokered, the value of India business had gone down due to severe competition as Tata DoCoMo made an entry in 2008. See also: <a href="https://www.businessinsider.in/stock-market/markets/news/vodafone-idea-share-price-falls-sharply-after-record-loss-in-second-quarter/articleshow/72065283.cms">Vodafone-Idea is now a ₹3 stock after a shocking quarterly loss</a> <a href="https://www.businessinsider.in/stock-market/markets/news/vodafone-idea-share-price-falls-sharply-after-record-loss-in-second-quarter/articleshow/72065283.cms"> </a><a href="https://www.businessinsider.in/business/corporates/news/vodafone-writes-off-book-value-of-indian-operation-ceo-flags-liquidation-risk/articleshow/72031766.cms">Vodafone CEO Nick Read hints at a possible collapse without government support</a>

Three wise men who exited Vodafone India just in time to make millions

<ul><li>Steel tycoon Lakshmi Mittal wins his $6 billion bid for bankrupt Essar Steel owned by the Ruia family earlier.</li><li>The latest Supreme Court verdict has set a precedent on how the sale proceeds of a bankrupt company should be distributed.</li><li>The ultimate discretion on distribution of funds was with the Committee of creditors, the SC order on November 15 said.</li></ul><ul><li>The Supreme Court has also allowed the bankruptcy Court to extend the 330-day deadline to resolve insolvency cases.</li></ul>Billionaire steel tycoon Lakshmi Mittal's $6 billion bid for the bankrupt Essar Steel — owned by the Ruia family earlier — has won. At the same time, the latest Supreme Court (SC) verdict has set a precedent on how the sale proceeds of a bankrupt company should be distributed. The ultimate discretion on distribution of funds was with the Committee of creditors, the SC order on November 15 said. The case had landed up at the Supreme Court because the appellate tribunal of the bankruptcy court had held that the funds from the sale of a bankrupt company should be equally distributed between both financial creditors i.e. banks and operational creditors (suppliers, vendors etc.) who are owed money by the insolvent company. The Supreme Court has set aside that order and given banks the power to decide how to distribute the money. It also added that the banks should also balance the interests of all stakeholders. This order has led to a rally in state-owned banking stocks due to two reasons. Firstly, those who have lent money to Essar Steel will get to recover a larger share from the money received from Lakshmi Mittal's ArcelorMittal. Secondly, this order sets a precedent for other bankruptcy cases. Essar Steel owes about ₹49,000 crore to a dozen banks including the State Bank of India (SBI), whose share price surged over 5% after the order. SEE ALSO: <a href="https://www.businessinsider.in/a-slowing-indian-economy-is-clouding-over-arcelormittals-6-billion-bid-for-essar-steel/articleshow/71004519.cms" data-type="tilCustomLink" target="_blank">A slowing Indian economy is clouding over ArcelorMittal's $6 billion bid for Essar Steel</a>

Lakshmi Mittal can begin taking over Essar Steel as India's Supreme Court ends the debate on how to distribute the money

<ul><li><keyword id="6368035" type="General" weightage="100" keywordseo="essar" source="Orion">Essar</keyword> on Friday announced signing definitive agreements with Arcelor Mittal Nippon Steel (AM/NS) for certain Ports and Power infrastructure assets which are primarily captive to Hazira steel plant operations.</li><li>The deal also envisages a 50-50 Joint Venture partnership, for building a 4 MTPA LNG terminal at Hazira, Gujarat, between Essar and <keyword id="47654" type="General" weightage="50" keywordseo="arcelormittal" source="Orion">ArcelorMittal</keyword>.</li><li>With this deal, Essar will conclude its planned asset monetisation programme and complete the debt repayment plan of $25 billion (Rs 2,00,000 crore) with the Indian banking sector being almost fully repaid.</li></ul>In one of the largest post-pandemic M&amp;A deals in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, Essar on Friday announced signing definitive agreements with Arcelor Mittal Nippon Steel (AM/NS) for certain Ports and Power infrastructure assets which are primarily captive to Hazira steel plant operations. The deal also envisages a 50-50 Joint Venture partnership, for building a 4 MTPA LNG terminal at Hazira, Gujarat, between Essar and ArcelorMittal. <keyword id="124029" type="General" weightage="50" keywordseo="rewant-ruia" source="Orion">Rewant Ruia</keyword>, Director, Essar Ports &amp; Terminals Limited, said: "With this deal, which yields a multifold return on our investments, Essar Ports &amp; Terminals has unlocked value for all its stakeholders and will continue to focus on building new and modern core infrastructure assets in India and overseas." Prashant Ruia, Director, <keyword id="275818" type="General" weightage="50" keywordseo="essar-capital" source="Orion">Essar Capital</keyword>, said: "Essar is now repositioned for growth and resurgence. After consolidating our businesses over the last 4 years, we have now entered the next growth phase focused on helping build a sustainable energy future that will impact lives and livelihoods for a greener world." With this deal, Essar will conclude its planned asset monetisation programme and complete the debt repayment plan of $25 billion (Rs 2,00,000 crore) with the Indian banking sector being almost fully repaid. Essar's aggregate revenues will stand at $15 billion (Rs 1.2 lakh crore) and an AUM (Asset Under Management) of $8 billion (Rs 64,000 crore) comprising of various assets spread across India and overseas. These assets under Energy sector include a 10 MTPA refinery in the UK, 15 TCF reserves (including some producing fields) of Unconventional Hydrocarbons in India &amp; Vietnam and a 1,200 MW Power Plant in India; Infra sector assets include a storage terminal in UK of 3 million m3 capacity and a 20 MTPA Port in India; Metals &amp; Mining sector assets include a major iron ore mine and pellet project in the US; Technology &amp; Services sector assets include Global EPC business and IT solutions provider with centres across 30 plus countries. By monetizing assets in a planned and strategic manner, that were built with earlier technologies over the last several years, Essar is now poised to reinvest in new assets with the latest, more efficient and ESG-compliant technologies to last the next several decades. Essar has planned significant investments in its core sectors of energy, infrastructure, metals &amp; mining, and technology &amp; services. While ongoing businesses will provide operational stability, our renewed focus will be to transition existing assets to green and invest in sector-transforming clean businesses around the investment themes of decarbonisation and digitisation. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/dreamfolks-services-ipo-subscribed-56-68x-on-day-3-on-strong-institutional-retail-investor-demand/articleshow/93804359.cms">Dreamfolks Services IPO subscribed 56.68x on day 3 on strong institutional, retail investor demand</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/sequoia-capital-offloads-2-of-its-stake-in-zomato/articleshow/93802868.cms">Sequoia Capital offloads 2% of its stake in Zomato</a>

Arcelor Mittal Nippon Steel signs ₹19,000 crore deal to buy Essar's port and power assets

New Delhi, Mar 11 () 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. From Rs 1.83 lakh crore of debt in FY17, the group brought down the debt by a staggering Rs 1.40 lakh crore over the last three years. Now it plans to cut residual debt from Rs 42,000 crore to about Rs 12,000 crore, according to a mailer Essar sent to policymakers and bureaucrats. Post the proposed reduction of debt in the power business by over 60 per cent (Rs 12,000 crore), and similar deleveraging across its portfolio businesses, Essar would have almost cleared all its long-term debts. The remaining indebtedness is for working capital in fully operational assets. The Group said it is "poised to embark on a new phase of growth while driving growth in its existing portfolio." Despite selling the oil refinery to Russia's Rosneft and partners and losing the steel business in insolvency proceedings, the group currently has interests in oil and gas, ports, power, shipping and mining projects in India and overseas that give revenue of Rs 1 lakh crore. Essar in the mailer said, revenues are projected to rise from Rs 94,000 crore in FY19 to Rs 98,000 crore in the current fiscal and then to Rs 1,01,000 crore in 2020-21 and Rs 1,04,000 crore in the year thereafter. Indicating it has put the past behind, Essar 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. "Our strong portfolio of companies consistently generates healthy and sustainable earnings and have combined revenue of Rs 1,00,000 crore (USD 14 billion)," it said. Essar said it has made capital investments of over Rs 2 lakh crore (about USD 28 billion) in sectors like ports, steel plants, oil refining and fuel retailing, oil and gas exploration &amp; production, power generation &amp; transmission, mining, shipping, and telecom, with substantial equity from the Essar Group. The Group said it will continue to use its entrepreneurial skills, a vast pool of human resources, and decades of experience and innovation in pursuing fresh opportunities and creating value for all its stakeholders. The Essar letter was jointly signed by promoters Ravi Ruia and Prashant Ruia. Many years back, the Group, which built India's second-largest pan-Indian telecom operations with Hutchison, sold its 33 per cent stake to Vodafone for USD 5.4 billion (Rs 28,827 crore). Later it sold its 20 million tonnes oil refinery at Vadinar and over 3,500 petrol pumps to Rosneft and partners for USD 12.9 billion (Rs 86,000 crore). Its BPO business, Aegis was monetised for USD 910 million (Rs 5,660 crore). Its steel business, which was made up of 10 million tonnes per annum plant and 20 million tonnes of pellet making capacity, went for USD 6 billion (Rs 42,000 crore) in bankruptcy proceedings to recover unpaid loans. Essar said the challenges it faced over the years did not stop it from creating world-class assets. The greenfield assets built by it have attracted significant foreign direct investment (FDI) of USD 40 billion, which is reflective of the superior and world-class quality of its assets. The Essar Oil-Rosneft deal alone saw over Rs 86,000 crore of FDI, the country's largest until date, it claimed. Essar said it currently owns businesses in the core sectors of energy, metals &amp; mining, infrastructure, services and technology. In the energy sector, Essar has commercial interests in oil, gas and coal bed methane exploration and production in India, Vietnam and Nigeria; oil refining and retailing in UK and power generation in India and Canada. In infrastructure, it operates ports and terminals in India, UK and Africa, and has commercial interests in turnkey project construction in India and the Middle East. In the metals and mining sectors, the Essar Group has exposure in iron ore mining and pelletisation and coal mining in the USA and Indonesia. In new-age services, Essar said it has business interests in digital solutions and customer experience platforms in India, Europe, and USA. "We have fulfilled our corporate social responsibility with focused community uplift programmes in areas of livelihoods and entrepreneurship, women's empowerment, health, education, infrastructure and environment. The positive impact of these initiatives makes a difference in the lives of 500,000 people from 500 villages across 8 Indian states," it said in the letter. Reminiscing the last 50 years of its journey, Essar reflected that it had to face several business and regulatory challenges along the way in its flagship steel and power businesses, "which particularly impacted us". "Committed gas supply contracts for the Essar Steel Complex were withdrawn in 2012 and allotted coal mines for power plants were canceled in 2014, leading to a partial closure of some of our prime operating assets," it said. ANZ DRR

Essar to further cut down debt by 70 pc in last leg of deleveraging exercise

New Delhi, Apr 8 () Essar Foundation, the philanthropic arm of Essar Group, on Wednesday said it will provide 1.25 million meals to communities affected by the COVID-19 outbreak and over 1 lakh medical supplies to frontliners combating the pandemic. "Essar Foundation is focussed on providing support to the larger community -- from supplying PPEs, masks, and ventilators to hospitals to providing food to labourers who are finding themselves in a difficult position," said Prashant Ruia, Director, Essar Capital. Stating that the Group plans to do a lot more for the community to play its part in being good corporate citizens, he said, "The Essar COVID-19 Relief Fund is committed to supporting various marginalized groups that are truly in need of funding. This includes transgenders, the homeless, daily wage earners, and women with a background of domestic violence. We have reached out to Essar employees and senior leadership to contribute to the fund." In a statement, the group said Essar Foundation has committed to providing 1.25 million meals to communities affected by the COVID-19 outbreak. It has provided 6.65 lakh meals to communities in need across Maharashtra including frontline doctors, Mumbai police force, slum dwellers, daily wage earners, women with a background of domestic violence and transgenders. As many as 20,000 meals per day have been earmarked to the Maharashtra Chief Minister's Relief Fund routed to marginalised and disadvantaged communities. Also, it has committed to providing over 100,000 medical supplies to frontliners combating COVID-19. Personal Protective Equipment (PPE), N-95, 3Ply face masks, and hand sanitisers have been supplied to over 10 government /private hospitals in Mumbai and over 9 police stations across South Mumbai, the statement said. "Our efforts have been focussed on reaching out to the most vulnerable communities. Being part of the Government of Maharashtra Corona Control CSR Group, we are able to coordinate directly with the state machinery and work jointly with leading groups," said Kaustubh Sonalkar, Group President Human Resource, Essar, and CEO – Essar Foundation. Separately, in an internal message to Essar Group employees, Prashan Ruia said, "For me, the safety of Essarites is paramount; we have always prided ourselves on that count." "We have set up a monitoring committee with all the senior management of Essar. This committee is now meeting daily through virtual means to address the situation that has arisen out of the COVID-19 outbreak. This is a difficult time that many of us have never seen in our lifetimes. However, we have to carry on. Many of our facilities provide essential services so they have to keep operating," he said. He asked employees to stay safe. "Please follow the rules that are being administered by the government and organisations like WHO. They are being implemented for a reason." "In India, many people are flouting these rules. But it is incumbent on us that we not only follow the rules ourselves but also urge other people to do the same. These are clearly unprecedented times. But I am really optimistic that the world will soon find a cure," he said. ANZ ANUANU

Essar Foundation to provide 1.25 million meals, 1 lakh medical supplies for COVID-19 relief

<ul><li><keyword id="47654" type="COMPANY" weightage="20" keywordseo="ArcelorMittal">ArcelorMittal</keyword>, the world’s largest steelmaker, has submitted a revised bid of ₹420 billion, which is well above <keyword id="6235176" type="ORGANIZATION" weightage="20" keywordseo="numetal">Numetal</keyword>’s ₹370 billion offer. </li><li>However, the Luxembourg-based steelmaker has yet to clear the dues owed by its local subsidiaries, Uttam Galva and KSS Petron, which calls into question its eligibility to bid. </li><li>It will only pay the outstanding dues on the condition that its bid is accepted by <keyword id="6357251" type="COMPANY" weightage="20" keywordseo="essar-steel">Essar Steel</keyword>’s creditors. The matter is being heard by the Supreme Court. </li></ul>A fresh round of bidding for the indebted Essar Steel - which was one of the first 12 accounts identified by the RBI for resolution last year - began this week. Just like the first round, ArcelorMittal, the world’s largest steelmaker, will face off against Russia’s Numetal. Vedanta is also participating but its bid is much lower. The two companies were deemed to be ineligible to bid for Essar Steel in the first round. On one hand, two local subsidiaries of ArcelorMittal, Uttam Galva and KSS Petron, had defaulted on their loans. This went against the rules of the Indian <keyword id="43550" type="EVENT" weightage="20" keywordseo="Bankruptcy">bankruptcy</keyword> code, which prevents wilful defaulters or entities associated with wilful defaulters from bidding for bankrupt firms. Meanwhile, it was revealed that Numetal bid was partnering with the former promoters of Essar Steel for its bid, the Ruia family, which was also a contravention of the bankruptcy code. However, last week, the the National Company Law Appellate Tribunal (<keyword id="6396355" type="ORGANIZATION" weightage="20" keywordseo="nclat">NCLAT</keyword>) allowed Numetal to participate in the bidding after the 25% stake owned in it by the Ruias was bought by JSW Steel. It also approved ArcelorMittal’s eligibility on the condition that it paid the ₹70 billion outstanding dues of Uttam Galva and KSS Petron by September 11th. Second act drama On September 10th, ArcelorMittal, which is partnering with Japan’s Nippon Steel &amp; Sumitomo Metal for the bid, submitted a revised offer of ₹420 billion for Essar Steel, which includes an offer to clear the dues of its subsidiaries. This was well above its original offer of ₹310 billion and Numetal’s ₹370 billion bid. If the bid is accepted, it will mark a significant win for India’s new bankruptcy regime. However, there’s one large hurdle standing in ArcelorMittal’s way. Despite selling its shares in its local subsidiaries, the Luxembourg-based steelmaker has not yet cleared the dues owed by them, which calls into question its very eligibility to bid as today is the deadline to do so. More importantly, in a letter to sent to Essar Steel’s creditors, it has said it will only pay the outstanding loans of Uttam Galva and KSS Petron if its bid for Essar Steel is accepted. Third act resolution? Given the NCLAT’s refusal to recognise its eligibility, ArcelorMittal has now taken the case to the Supreme Court. Essar’s creditors will obviously go for the higher bid, but will want to avoid any further litigation. Essar, which is India’s fourth-largest steelmaker, has outstanding dues of ₹490 billion. Unless Numetal is able to match ArcelorMittal’s bid, it seems certain that that Essar’s creditors will pick the latter as their secured debt claims will be covered. However, the final decision rests with the Supreme Court. ArcelorMittal’s appeal will be heard tomorrow. A ruling on the matter is expected soon. The outcome will set an important precedent for Section 29A of the Insolvency and Bankruptcy Code, which determines the eligibility of bidders.

ArcelorMittal submits a higher bid for bankrupt Essar Steel but on one condition

New Delhi, Jan 21 () Ruia-family controlled Essar Global Fund Ltd (EGFL) on Tuesday announced the appointment of Pankaj Kalra as Chief Financial Officer and Head-Strategy, Essar Exploration &amp; Production Ltd Mauritius (EEPLM).
EEPLM is the downstream energy arm of the Essar Group and a key portfolio company of EGFL.
 "Kalra will be responsible for overseeing the strategic financial management of EEPLM and its subsidiaries," the company said in a statement. "In this critical leadership role, he will be involved in driving financial performance and bringing added rigour to financial and investment decisions."
Part of his remit would also be to lead EEPLM's M&amp;A strategy, areas of financial strategy, performance management, large and complex financing, M&amp;A (including divestments), risk management, reporting and controlling, investor relations and taxation, it said.
 Additionally, he will lead the Board of Directors of EEPLM and its subsidiaries.
Prior to joining Essar, Kalra was the CFO of Cairn Oil &amp; Gas and has been associated with Reliance, Aircel, Idea, American Tower and EY. He is a rank holder Chartered Accountant and a Company Secretary, with a bachelor's degree in commerce from SRCC.
EEPLM is an early-stage developer, focussed primarily on oil &amp; gas exploration. Its global portfolio includes conventional acreages that have a resource base of 3.4 billion barrels of oil equivalent (bboe) and recoverable of 1.7 bboe, as well as unconventional hydrocarbon acreages with a resource base of 15 TCF of gas and recoverable of 5 TCF.
 Until date, EGFL has invested USD 1.1 billion in EEPLM. ANZ ANZ ANU
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