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<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

<ul><li><keyword id="45609" type="CITY" weightage="20" keywordseo="JSW-Steel">JSW Steel</keyword> Chairman Sajjan Jindal said that they don’t see ArcelorMittal as a challenge </li><li>Tata Steel’s CFO Koushik Chatterjee also said there should be competition in the market. </li><li>SAIL chairman A K Chaudhary said that ArcelorMittal's entry will promote healthy competition. </li></ul>Presence of more companies in the market will lead to more innovations, quality and R&amp;D activities, said domestic steel players on Thursday while reacting to the entry of global steel giant ArcelorMittal in India.
 "We don't see ArcelorMittal as a challenge," JSW Steel Chairman Sajjan Jindal told on the sidelines of the ISA Steel Conclave here.
 More the number of players, more the research &amp; development (R&amp;D) activities, innovations, quality in the market, he added reacting to a question how will the ArcelorMittal's entry benefit the consumers.
 Jindal Steel and Power Chairman Naveen Jindal said, "We see its (ArcelorMittal's) entry as a positive step."
 Tata Steel Chief Financial Officer Koushik Chatterjee also said there should be competition in the market.
 Steel Authority of India Ltd (SAIL) Chairman A K Chaudhary said, "ArcelorMittal's entry will promote healthy competition in market."
 The industry looks forward to work with them in future, he added.
 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.
 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 HRS

Tata Steel and JSW welcome competition from ArcelorMittal after it buys Essar

<ul><li>India's Supreme Court ruled status quo on the sale of Essar Steel to ArcelorMittal. </li><li>Essar Steel's lenders had appealed against the verdict of National Company Law Appellate Tribunal. </li><li>The NCLAT verdict had put banks at par with other suppliers who were owed money from the bankrupt Essar Steel. </li><li>ArcelorMittal had offered ₹42,000 crore to Essar Steel's lenders and promised to invest another ₹8,000 crore in the company. </li></ul> The <a href="https://www.forbes.com/profile/lakshmi-mittal/#284bbf8b191e">$12 billion Lakshmi Mittal</a>, chairman of ArcelorMittal, has been fighting to take over Essar Steel for over two years now. Finally, in June 2019, it's $6.1 billion bid for the bankrupt steel company, owned by the Ruia family, was approved by a lower court but the Supreme Court of India has put the proposal on hold once again. A bench headed by Justice Rohinton F. Nariman admitted the appeals by Essar Steel lenders and ArcelorMittal challenging the order of the National Company Law Appellate Tribunal (NCLAT). The share price of ArcelorMittal jumped over 3.7% in trade in Amsterdam. The court said it will conduct detailed hearing on the contentions made in the appeal and also look into the issues emerging from the verdict after two weeks. ArcelorMittal had offered ₹42,000 crore to Essar Steel's lenders and promised to invest another ₹8,000 crore in the company. Banks were hoping to get a lion's share of the money for what Essar Steel had owed them but then the NCLAT order had put the banks at par with other suppliers of the company at par with the suppliers with unpaid dues. Essar Steel is under a debt of ₹30,030 crore to financial creditors and ₹11,969 crore to operational creditors. The tribunal has asked the committee of creditors to engage professional firms to finalise the exact amount to be distributed among each operational creditor. In the case of Essar Steel, the operational creditors include energy companies Indial Oil, ONGC, NTPC, BPCL, and GAIL. Both the banks and the suppliers would have received 60% of the dues. However, the standoff between the lenders and the vendors has not landed in the Supreme Court putting on hold steel tycoon's bid for the bankrupt Essar Steel once again. SEE ALSO: <a href="https://www.businessinsider.in/indian-banks-are-recovering-over-1-5-times-as-much-money-under-the-ibc-but-its-still-painfully-slow/articleshow/69323112.cmshttps://www.businessinsider.in/indian-banks-are-recovering-over-1-5-times-as-much-money-under-the-ibc-but-its-still-painfully-slow/articleshow/69323112.cms">Indian banks are recovering over 1.5 times as much money under the bankruptcy code — but it's still painfully slow</a>

ArcelorMittal's $6.1 billion bid for Essar Steel is on hold again

<ul><li>The National Companly Law Appellate Tribunal has allowed ArcelorMittal's bid for bankrupt Essar Steel.</li><li>The order also sets precedents on how the sale proceeds shall be distributed and limits the discretion available to the committee of creditors.</li><li>Lakshmi Mittal has been fighting to take over Essar Steel for over two years now.</li></ul> Global giant Arcelor Mittal had made a bid for a bankrupt Indian company Essar Steel. Simultaneously, the order also sets precedents on how the sale proceeds shall be distributed and has redefined the status of different kinds of companies that a bankrupt company owes money to. The order has said put financial creditors, like banks that lend money, at par with operational creditors (suppliers awaiting payment). In the case of Essar Steel, the operational creditors include energy companies Indial Oil, ONGC, NTPC, BPCL, and GAIL. Both the banks and the suppliers will get 60% of the dues from the about ₹42,000 crore offered by ArcelorMittal. However, the committee of creditors that will approve the resolution plan for a bankrupt company does not include the suppliers. The <a href="https://www.forbes.com/profile/lakshmi-mittal/#284bbf8b191e" data-type="tilCustomLink" target="_blank">$12 billion Lakshmi Mittal</a>, chairman of ArcelorMittal, has been fighting to take over Essar Steel for over two years now. The former promoter of the bankrupt company has not given up yet despite his bid to settle the case and regain control has been ruled out. "t appears that new facts regarding ineligibility under Section 29A, which emerged only after the previous judgement of the Supreme Court, have not been given due consideration," an <a href="https://www.livemint.com/companies/news/appellate-tribunal-rejects-ruias-plea-in-essar-steel-case-1562236908498.html" data-type="tilCustomLink" target="_blank">Essar Steel spokesperson told the Mint</a>. SEE ALSO: <a href="https://www.businessinsider.in/indian-banks-are-recovering-over-1-5-times-as-much-money-under-the-ibc-but-its-still-painfully-slow/articleshow/69323112.cms" data-type="tilCustomLink" target="_blank">Indian banks are recovering over 1.5 times as much money under the bankruptcy code — but it's still painfully slow</a>

ArcelorMittal's bid for the bankrupt Essar Steel clears another hurdle that will give banks 60% off their dues-- but the appellate order has done something more

New Delhi, Mar 17 () The Luxembourg-based parent firm of ArcelorMittal Nippon Steel India has tied up USD 5.146 billion (around Rs 38,000 crore) from a consortium of lenders to refinance the debt taken by the Indian joint venture arm for acquiring Essar Group's steel plant at Hazira in Gujarat, ArcelorMittal said on Tuesday. ArcelorMittal Nippon Steel India (formerly Essar Steel) is a 60:40 joint venture between L N Mittal-owned ArcelorMittal and Nippon Steel Corporation (Nippon Steel) which acquired the Hazira steel plant through an insolvency process last year. The resolution plan, which was approved for AMNS India, was of Rs 42,785 crore. The plan included a further Rs 8,000 crore capital injection."AMNS Luxembourg Holding S A (AMNS), the parent company of the AMNS India joint venture between Nippon Steel Corporation (Nippon Steel) and ArcelorMittal, entered into a USD 5.146 billion ten-year term loan agreement with Japan Bank for International Cooperation, MUFG Bank, Ltd, Sumitomo Mitsui Banking Corporation, Mizuho Bank Europe N.V. and Sumitomo Mitsui Trust Bank, Limited (London Branch)," ArcelorMittal said in a statement. The proceeds of the loan, it said, will be used to refinance in full the amounts borrowed by AMNS in connection with the acquisition of ArcelorMittal Nippon Steel India Limited (formerly known as Essar Steel India Limited), "including the amounts borrowed under the USD 7 billion bridge term facilities agreement guaranteed by ArcelorMittal", it said. ABI MRMR

AMNS India parent signs USD 5 bn term loan to refinance Essar Steel acquisition

New Delhi, Feb 18 () Billionaire Sanjeev Gupta-led GFG Alliance on Tuesday announced the acquisition of Adhunik Metaliks and its arm Zion Steel for about Rs 425 crore, marking its entry into the Indian steel market. London-based GFG Alliance is a global group of energy, mining, metals, engineering and financial services businesses, which was eyeing Indian market for long and has become the second global company to enter the local steel market in past two months. In December 2019, L N Mittal's ArcelorMittal completed the acquisition of Essar Steel to enter the Indian market. GFG Alliance on Tuesday completed the strategic acquisition of Adhunik Metaliks Ltd (Adhunik) and Zion Steel Ltd (Zion) in a Rs 4.25 billion or USD 60 million cash deal. The transaction marks the Alliance's entry into India, one of the world's fastest growing steel markets, the London-based group said in a statement.The immediate focus, it said, will be on reviving and restoring the facilities and operations of the two companies, and once stabilised the business will begin its integration into the Liberty Steel Group, a part of GFG Alliance.Commenting on the acquisition, India-born British businessman and Executive Chairman of GFG Alliance Sanjeev Gupta said: "Today marks an important milestone in our global steel strategy with the purchase of Adhunik Metaliks and our entry into India. India is one of the fastest growing and most vibrant steel markets in the world." Adhunik has an integrated steel plant located at Chadrihariharpur near Rourkela in Odisha. The plant has both blast furnace and Electric Arc Furnace steel making capability with 0.5 million tonne per annum (MTPA) capacity, and a 34 MW captive power plant.Adhunik along with Zion Steel's steel rolling facility has a combined capacity of 400,000 tonnes per annum. The sites produce products for automotive, energy, engineering and oil and gas sectors. ABI MRMR

London-based GFG Alliance acquires Adhunik Metaliks, its arm to mark India entry

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, 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

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You Searched For "arcelor mittal acquires essar" and got 9 results

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

IANS

Tata Steel and JSW welcome competition from ArcelorMittal after it buys Essar

PTI

ArcelorMittal's $6.1 billion bid for Essar Steel is on hold again

Sriram Iyer

ArcelorMittal's bid for the bankrupt Essar Steel clears another hurdle that will give banks 60% off their dues-- but the appellate order has done something more

Sriram Iyer

AMNS India parent signs USD 5 bn term loan to refinance Essar Steel acquisition

PTI

London-based GFG Alliance acquires Adhunik Metaliks, its arm to mark India entry

PTI

ArcelorMittal chairman calls on Pradhan

PTI

ArcelorMittal keen to expand presence in India: Pradhan

PTI

Meet India's top 10 Businessmen in 2019

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