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<keyword id="11911527" type="General" weightage="100" keywordseo="akasa-air" source="Orion">Akasa Air</keyword>, which started operations less than a month ago, has suffered data breach resulting in certain customer information being accessed by unauthorised individuals. The airline on Sunday apologised for the data breach and said the incident has been "self-reported" to the nodal agency, the Indian Computer Emergency Response Team (CERT-In). Akasa Air also said that based on its records, there was "no intentional hacking attempt" but has advised users to be conscious of possible phishing attempts. In a communication posted on its website, the airline said a temporary technical configuration error related to its login and sign-up service was reported on August 25. "As a result, some Akasa Air registered user information limited to names, gender, e-mail addresses and phone numbers may have been viewed by unauthorised individuals. "We can confirm to you that aside from the above details, no travel-related information, travel records or payment information was compromised," it said. On being made aware of the incident, Akasa Air said it immediately stopped this unauthorised access by completely shutting down the associated functional elements of its system. Subsequently, having added additional controls to address this situation, we have resumed our login and sign-up, the communication said. "We would like to clarify that basis our records there was no intentional hacking attempt, but that the situation was reported by a research expert through a journalist for which we are grateful," Akasa Air's Co-Founder and Chief Information Officer <keyword id="936815" type="General" weightage="50" keywordseo="anand-srinivasan" source="Orion">Anand Srinivasan</keyword> said in a statement. He also said the information was proactively shared with customers who could have been potentially impacted. Specific details about the incident could not be immediately ascertained. The system security and protection of customer information is paramount at the airline, <keyword id="45963" type="General" weightage="50" keywordseo="srinivasan" source="Orion">Srinivasan</keyword> said. "While extensive protocols are in place to prevent incidents of such nature, we have undertaken additional measures to ensure that the security of all our systems is even further enhanced," he said in the statement. Akasa Air also said the system security and protection of customer information is paramount. "We sincerely apologise to you for any inconvenience caused as a result of this," it added. Akasa Air, the first Indian carrier to be launched in nearly a decade, operated its inaugural flight on August 7 from Mumbai to Ahmedabad. <keyword id="14837504" type="General" weightage="50" keywordseo="billionarie-rakesh-jhunjhunwala" source="Orion">Billionarie Rakesh Jhunjhunwala</keyword>, who passed away earlier this month, had made substantial investment in the airline. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/financial-bids-for-reliance-capital-to-be-submitted-on-monday/articleshow/93845467.cms">Financial Bids for Reliance Capital to be submitted on Monday</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/arcelor-mittal-nippon-steel-signs-19000-crore-deal-to-buy-essars-port-and-power-assets/articleshow/93804544.cms">Arcelor Mittal Nippon Steel signs ₹19,000 crore deal to buy Essar's port and power assets</a>

Akasa Air suffers data breach, asks passengers to be conscious of phishing attempts

<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

Global <keyword id="126815" type="General" weightage="20" keywordseo="steel-giant" source="Orion">steel giant</keyword> <keyword id="47654" type="General" weightage="20" keywordseo="arcelormittal" source="Orion">ArcelorMittal</keyword> on Thursday posted a 74.43 per cent fall in its <keyword id="59349" type="General" weightage="20" keywordseo="net-income" source="Orion">net income</keyword> at <keyword id="54123" type="General" weightage="20" keywordseo="usd" source="Orion">USD</keyword> 1,096 million for the first quarter ended March 31, 2022. It had posted a net income of USD 4,125 million for the year-ago quarter, the company said in a statement. ArcelorMittal is the world's largest integrated steel and mining company. It follows the January-December fiscal year. "ArcelorMittal recorded a net income in 1Q 2023 of USD 1,096 million as compared to USD 261 million in 4Q 2022 and USD 4,125 million for 1Q 2022," the Luxembourg-based firm said. The company ended the March 2023 quarter with net debt of USD 5.2 billion. It had a net debt of USD 3.2 billion as of March 31, 2022. On capex, the company said USD 0.9 billion in <keyword id="24542" type="General" weightage="20" keywordseo="q1" source="Orion">Q1</keyword> is in line with its full-year guidance of within the range of USD 4.5 billion-USD 5 billion. ArcelorMittal Chief Executive Officer Aditya Mittal said, "Market conditions improved as anticipated in the first quarter, with the end of customer destocking supporting apparent steel consumption growth and a rebound in steel spreads. "This, alongside better general economic sentiment, resulted in good growth in first quarter profits as well as higher EBITDA per tonne. The improvements we have seen in market conditions are not yet fully reflected in our results due to pricing lags, and we expect a further increase in profitability in the second quarter." Geopolitical and economic uncertainty remains, but ArcelorMittal continues to demonstrate its ability to perform in all market conditions which bodes well for the remainder of this year, he said. According to the company statement, its crude steel production during the March quarter fell to 14.5 million tonnes (MT) from 16.3 MT in the same period in 2022. Sales in Q1 2023 also fell to USD 18.5 billion as compared to USD 21.8 billion in the year-ago period. Total steel shipments in Q1 2023 were 14.5 MT, lower than 15.3 MT in Q1 2022. In India, ArcelorMittal in a joint venture with Nippon Steel of Japan owns and operates about 9 million tonne steel plant in Gujarat. In 2019, ArcelorMittal along with Nippon Steel completed the acquisition of the Essar Steel Limited plant located at Hazira in Gujarat and later renamed it to ArcelorMittal Nippon Steel (AMNS) India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-ports-concludes-sale-of-myanmar-port-for-30-million-to-unnamed-buyer/articleshow/99983698.cms">Adani Ports concludes sale of Myanmar Port for $30 million to unnamed buyer</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/retail-vehicle-sales-decline-4-in-april-says-fada-as-it-remains-cautious-about-may/articleshow/99983578.cms">Retail vehicle sales decline 4% in April, says FADA as it remains cautious about May</a>

ArcelorMittal Q1 net income falls over 73% to USD 1,096 mn

New Delhi, Mar 3 () ArcelorMittal Nippon Steel India on Tuesday said it has completed the acquisition of 500 Mega Watt (MW) Bhander power plant in Hazira, Gujarat.Bhander plant, which was commissioned in 2006 and commenced commercial operations in 2008, was purchased by AM/NS India under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act, the company said in a statement.It has acquired Bhander Power Plant from Edelweiss Asset Reconstruction Company."ArcelorMittal Nippon Steel India (AM/NS India) today announced that it has completed the acquisition of Bhander Power Plant in Hazira. Bhander, a natural gas-based thermal plant with an installed capacity of 500 MW, will remain captive to AM/NS India's steel manufacturing operations at Hazira," it said. ArcelorMittal Nippon Steel India (AM/NS India) is a 60:40 joint venture between L N Mittal-owned ArcelorMittal and Japan-based Nippon Steel Corporation. "We are pleased to have acquired these important ancillary assets for our steelmaking facilities. This is in line with an intent to secure a robust captive power and commodity supply chain as we continue to make strong strides in our production and operational performance."Efforts to become increasingly self-reliant, in this case through the procurement of a key energy source in Gujarat and an iron ore rich reserve in Odisha, form part of AM/NS India's medium to long term strategy to significantly grow our production capacity in India," its CEO Dilip Oommen said.Earlier this month, ArcelorMittal India Private Limited (AMIPL) -- which holds majority share in the JV firm AMNS -- was selected preferred bidder for Thakurani iron ore mine license in Odisha following an auction process facilitated by the state government.The block in the district of Keonjhar, with estimated reserves of 179.26 million tonnes, is expected to make a valuable contribution to AM/NS India's long-term raw material requirements.On conclusion of the license award process, AMIPL will proceed to seek requisite clearances, as well as mine development and production agreements, ahead of commencing mining operations. ABI BAL

ArcelorMittal Nippon Steel completes acquisition of Bhander power plant in Hazira

NRI billionaire <keyword id="75195" type="PERSON" weightage="20" keywordseo="Lakshmi-N-Mittal">Lakshmi N Mittal</keyword> on Tuesday announced a contribution of ₹100 crore to the PM CARES Fund to combat the spread of the deadly <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> in India. "<keyword id="47654" type="COMPANY" weightage="20" keywordseo="ArcelorMittal">ArcelorMittal</keyword> Nippon <keyword id="3248198" type="DOMAIN" weightage="20" keywordseo="steel-india">Steel India</keyword> (AM/NS India), a joint venture between (L N Mittal's) ArcelorMittal and Japan's Nippon Steel, and HMEL, a partnership between <keyword id="6374014" type="COMPANY" weightage="20" keywordseo="hindustan-petroleum">Hindustan Petroleum</keyword> and <keyword id="445396" type="COMPANY" weightage="20" keywordseo="Mittal-Energy-Investments">Mittal Energy Investments</keyword>, 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 DIV DIV

Billionaire Lakshmi Mittal commits ₹100 cr to PM CARES Fund

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> has generated a good number of billionaires, many of them even ranking substantially among the richest persons in the world. Hailing from a variety of industry backgrounds, Indian billionaires have helped build the country’s economy in a significant way. Wealth is bound to fluctuate under the volatile market conditions, especially since most billionaires have their fortune invested in publicly traded stocks. Here is the latest ranking of 10 richest persons in India in 2022 as per ‘The World’s Real Time Billionaires 2022’ published by Forbes. <cmsannotation type="cmsannotation" annotationid="1. Gautam Adani and family" comment="subhead" text="1. Gautam Adani and family">1. Gautam <keyword id="76451" type="General" weightage="20" keywordseo="adani" source="Orion">Adani</keyword> and family</cmsannotation> India’s first richest person, Gautam Adani &amp; family has a staggering net worth of $135.8 billion. Gautam Adani controls the Mundra Port, which is the largest in Gujarat. Adani Group has its interests spread across sectors like power generation and transmission, real estate, commodities and infrastructure. In September 2020, Adani acquired a 74% stake in the second busiest airport of India, the Mumbai International Airport. Adani also owns a coal mining project in Australia known as Abbot Point. <cmsannotation type="cmsannotation" annotationid="2. Mukesh Ambani" comment="subhead" text="2. Mukesh Ambani">2. Mukesh <keyword id="10924" type="General" weightage="20" keywordseo="ambani" source="Orion">Ambani</keyword></cmsannotation> Scoring tenth place among the richest persons in the world in 2022, Mukesh Ambani has $91 billion in net worth. The founder and chairman of Reliance Industries has his interests across petrochemicals, oil and gas, retail and telecom. The launch of 4G phone services in the Indian telecom market by Reliance in 2016 spiked a price war creating strong whirls and sending several networks out of business. During the COVID-19 lockdown period, Mukesh Ambani sold one third of Jio to some investors like Google and Facebook raising over $20 billion. <cmsannotation type="cmsannotation" annotationid="3. Shiv Nadar" comment="subhead" text="3. Shiv Nadar">3. <keyword id="44903" type="General" weightage="50" keywordseo="shiv-nadar" source="Orion">Shiv Nadar</keyword></cmsannotation> Shiv Nadar, the cofounder of HCL ranks in the third place among India’s richest billionaires with his wealth estimated at $25.5 billion in 2022. HCL started in 1976 manufacturing calculators and microprocessors and today it is among the largest providers of software services in the country with a $102 billion revenue. HCL technologies has employed 169,000 people across 50 countries. After Shiv Nadar stepped down as the CEO of HCL in 2020, his daughter occupied his seat. Shiv Nadar is currently chairman emeritus. A leading philanthropist in the country, he has given away over $662 million to Shiv Nadar Foundation to support causes related to education. <cmsannotation type="cmsannotation" annotationid="4. Cyrus Poonawalla" comment="subhead" text="4. Cyrus Poonawalla">4. Cyrus Poonawalla</cmsannotation> Cyrus Poonawalla’s net worth stands at $21.6 billion making him the fourth richest person in India in 2022. He founded Serum Institute of India in 1966, which is today the largest vaccine maker in the world in terms of doses. The firm produces more than 1.5 billion doses of a variety of vaccines for flu, polio and measles. His son Adar is the CEO of Serum which has also invested around $800 million to build a new factory producing Covid-19 vaccines. <cmsannotation type="cmsannotation" annotationid="5. Radhakishan Damani" comment="subhead" text="5. Radhakishan Damani">5. Radhakishan Damani</cmsannotation> Radhakishan Damani’s $17.7 billion net worth places him in the fifth place among India’s richest persons. The champion of Avenue Supermarket, he became the retail king of the country after the supermarket chain completed the I|PO in March 2017. He started retailing in India with just one supermarket in the suburb of Mumbai. Now the retail chain has over 221 DMart stores across the country. Damani has his stakes in other businesses like the tobacco firm VST and India Cements. He owns the 156-room <keyword id="3532545" type="General" weightage="50" keywordseo="radisson-blu-resort" source="Orion">Radisson Blu Resort</keyword> in Alibag, which is a famous beachfront getaway near Mumbai. <cmsannotation type="cmsannotation" annotationid="6. Savitri Jindal and family" comment="subhead" text="6. Savitri Jindal and family">6. Savitri Jindal and family</cmsannotation> With their $17.3 billion net worth in 2022, Savitri Jindal and family occupy the sixth position among the richest persons in India. The interests of Jindal Group range across power, cement, infrastructure and steel. The group is now chaired by Savitri Jindal, widow of Om Prakash Jindal who founded the Jindal Group. In 2005, Om Prakash Jindal died in a helicopter crash after which the group’s firms were divided under his four sons. <cmsannotation type="cmsannotation" annotationid="7. Dilip Shanghvi" comment="subhead" text="7. Dilip Shanghvi">7. Dilip <keyword id="2739999" type="General" weightage="50" keywordseo="shanghvi" source="Orion">Shanghvi</keyword></cmsannotation> Dilip Shanghvi’s $16.2 billion net worth places him in the seventh position among the country’s richest persons in 2022. In 1983, his father gave him $200 to start Sun Pharma manufacturing psychiatric drugs. Today, the firm is among the nation’s leaders in pharmaceutical supplies with an annual revenue of $4.5 billion. Sun Pharma grew through several acquisitions and the notable one was the purchase of Ranbaxy Laboratories in 2014 in a deal worth $4 billion. Over the recent past, Shanghvi has also invested in oil and gas and renewable energy. <cmsannotation type="cmsannotation" annotationid="8. Lakshmi Mittal" comment="subhead" text="8. Lakshmi Mittal">8. Lakshmi <keyword id="6367997" type="General" weightage="80" keywordseo="mittal" source="Orion">Mittal</keyword></cmsannotation> The eighth rank in the list of India’s richest persons in 2022 is scored by Lakshmi Mittal who has a net worth of $15.9 billion. He is the chairman of ArcelorMittal, the largest steel and mining company of the world in terms of output, generating $53.3 billion in revenue. In 2019, Arcelor and Nippon Steel acquired Essar Steel, earlier controlled by billionaires Ravi Ruia and Shashi. After ceding the firm’s CEo position to his son Aditya Mittal, Lakshmi Mittal continues to be Arcelor Mittal’s executive chairman. <cmsannotation type="cmsannotation" annotationid="9. Sunil Mittal and family" comment="subhead" text="9. Sunil Mittal and family">9. <keyword id="6358599" type="General" weightage="50" keywordseo="sunil-mittal" source="Orion">Sunil Mittal</keyword> and family</cmsannotation> The ninth place in the list of India’s top 10 richest persons is occupied by Sunil Mittal with his $15.7 billion net worth. Founder and chairperson of Bharti Enterprises, <keyword id="6442632" type="General" weightage="50" keywordseo="sunil-bharti-mittal" source="Orion">Sunil Bharti Mittal</keyword>, a first-generation entrepreneur is the owner of India's second largest telecom company – Bharti Airtel. Mittal is also known to work towards educating India through the Bharti Foundation, the philanthropic arm of Bharti Enterprises. <cmsannotation type="cmsannotation" annotationid="10. Kumar Birla" comment="subhead" text="10. Kumar Birla">10. Kumar Birla</cmsannotation> Kumar Birla is the tenth richest person in India with his $15.1 billion net worth. Known as the commodities king, he is the head of the Aditya Birla Group making $46 billion in revenue. The group has its interests in aluminum and cement besides offering telecom and financial services too. In August 2021, Kumar Birla stepped down as the chairman of Vodafone India, a debt strapped firm after which Idea Cellular and Vodafone India merged in 2018.

Top 10 richest persons in India in 2022

<ul><li>On 19 October, <keyword id="47654" type="COMPANY" weightage="20" keywordseo="ArcelorMittal">ArcelorMittal</keyword>, the world’s largest <keyword id="34570" type="COMPANY" weightage="20" keywordseo="steel">steel</keyword>maker, announced that it had been selected as the preferred bidder for Essar Steel by the bankrupt company’s committee of creditors. </li><li>While the Luxembourg-based steelmaker submitted a joint bid of ₹420 billion with Japan’s Nippon Steel &amp; Sumitomo Metal, negotiations for a final price will commence shortly. </li><li>The acquisition of Essar Steel - which includes a production facility in Gujarat capable of producing 10 million tonnes of steel a year - will give ArcelorMittal a significant competitive advantage in India’s steel industry. </li></ul> India’s domestic steel giants must be on high alert. On 19 October, ArcelorMittal, the world’s largest steelmaker, <a href="https://corporate.arcelormittal.com/news-and-media/press-releases/2018/oct/19-10-2018?lang=english">announced</a> that it had been selected as the preferred bidder for Essar Steel by the bankrupt company’s committee of creditors. While the Luxembourg-based steelmaker submitted a joint bid of <a href="https://www.businessinsider.in/arcelormittal-submits-a-higher-bid-for-bankrupt-essar-steel-but-on-one-condition/articleshow/65769020.cms">₹420 billion</a> with Japan’s Nippon Steel &amp; Sumitomo Metal, negotiations for a final price will commence shortly. A decision is expected within the next few weeks. The decision caps an eight-month long saga which saw the company vy for the prized assets of Essar with Russia’s Numetal, which had to bow out of the bidding owing to its inability to pay back the outstanding dues of its affiliates, and Vedanta. The acceptance of the bid marks a win for India’s new <keyword id="43550" type="EVENT" weightage="20" keywordseo="Bankruptcy">bankruptcy</keyword> regime. The bid value represents around 85% of Essar Steel’s outstanding dues. The steelmaker was one of the 12 large non-performing accounts shortlisted for resolution by the Reserve Bank of India in June last year. Earlier this month, on 4 October, ArcelorMittal was ordered to clear the loans of its local subsidiaries first in order to be considered eligible for bidding. The two subsidiaries- Uttam Galva and KSS Petron - had outstanding loans of ₹75 billion. In response, last week, the steelmaker agreed to pay only a portion of the estimated outstanding dues of its subsidiaries- specifically <a href="https://www.businessinsider.in/arcelormittal-isnt-giving-up-on-its-bid-for-essar-steel-without-a-fight/articleshow/66257606.cms">₹45.5 billion</a>. However, the following day, which was incidentally a day before the deadline for the clearing of the loans, ArcelorMittal gave in and decided to pay <a href="https://www.livemint.com/Companies/dKKDpJF1eTazDYzsEkRd7J/ArcelorMittal-to-make-1-billion-creditor-payment-to-bid-for.html">the full amount</a>. A shakeup for the industry The acquisition of Essar Steel will give ArcelorMittal a significant competitive advantage in India’s steel industry. The debt-laden steel maker has a facility in Gujarat that is capable of manufacturing 10 million tonnes a year, making it the largest such plant in India. The complex also includes a natural gas-fuelled power plant and a dry bulk port. It also marks ArcelorMittal’s second stab at the Indian market following the failure of Uttam Galva, which it was forced to exit in order to bid for Essar Steel. The Luxembourg-based steelmaker’s big entry is expected to spur India’s domestic steelmakers, the likes of which include Tata Steel and JSW Steel, to cut costs, speed up operations and price their product offering more competitively. The company, which is owned by <keyword id="29201" type="PERSON" weightage="20" keywordseo="Lakshmi-Mittal">Lakshmi Mittal</keyword>, has a track record of buying up steel mills and turning them around by accelerating production. The acquisition of Essar Steel will enable ArcelorMittal’s expansion and eventual consolidation in the Indian market.

India’s steel industry is set for a shakeup after ArcelorMittal finally emerges as the winning bidder for Essar Steel

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

New Delhi, Nov 19 () Following the Supreme Court verdict on Essar Steel resolution plan, global steel giant ArcelorMittal said expects to complete the acquisition of the debt-ridden company by the end of this year. 
 ArcelorMittal India Private Limited's (AMIPL) resolution plan for Essar Steel India Limited ('ESIL') has been unconditionally approved by the Supreme Court of India and the approval of AMIPL's resolution plan is the final procedural step in ESIL's corporate insolvency process, the company 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 said.
 The Supreme Court on Friday paved the way for ArcelorMittal 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.
 A court bench 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 that the adjudicating authority can send back the resolution plan to the committee of creditors (COC) for implementation in accordance with the guidelines but cannot change the commercial decision taken by the COC.
 The bench said that 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 committee of creditors challenging NCLAT's order of July 4 in which it had approved steel tycoon Lakshmi Mittal-led ArcelorMittal's Rs 42,000-crore bid for the acquisition of Essar Steel after it rejected a plea by the lead shareholder of the debt-laden firm challenging the eligibility of the bidder.
Essar Steel 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 ANS
ANS

ArcelorMittal aims to complete Essar Steel acquisition by 2019-end

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

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 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

One of the few positive outcomes of the United Nations Climate Change Conference (COP26) is the commitment by major nations to achieve net zero carbon emissions by a certain year. <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> has also committed to becoming a net zero country by 2070. While some developed nations may have scoffed at this timeline, the reality is that nations with different developmental trajectories cannot (and should not) be treated equally. The major polluters must first walk the talk and then expect others to follow suit. While it is a never-ending blame game between the developed and developing nations, in the interest of humanity and for their own well-being, the nations must do everything within their powers to ensure that they keep their emissions under control. <cmsannotation type="cmsannotation" annotationid="Policy initiatives in India" comment="subhead" text="Policy initiatives in India">Policy initiatives in India</cmsannotation> India has taken several measures towards climate change adaptation and mitigation. Our statutory framework ensures that air and water pollution is prevented and controlled, forests are conserved and restored, biological diversity is protected, and energy is generated and utilised efficiently to ensure minimal environmental impact. The Government has launched various policy initiatives to work towards its climate change commitments. The national and state action plans on climate change aim at integrating such climate action into their modus operandi. Among national schemes, the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME-II) focuses on clean mobility and is meant to promote the transition to electric vehicles by providing incentives for manufacturing, adoption and development of associated infrastructure for electric vehicles. Financial assistance is being offered at the central and state levels for developing solar and wind energy projects like solar parks, grid-connected solar rooftops in residential buildings, installing off-grid solar devices and solar-based LED lights. Initiatives like Gujarat Emissions Trading Scheme, Renewable Energy Certificate, Perform, Achieve and Trade (PAT) Scheme are all meant to promote renewables, reduce emissions and achieve energy efficiency at the central and state levels. <cmsannotation type="cmsannotation" annotationid="Recent impetus to climate action" comment="subhead" text="Recent impetus to climate action">Recent impetus to climate action</cmsannotation> Some important and innovative schemes initiated in India to combat climate change include the India Cooling Action Plan 2019, which aims to reduce direct and indirect emissions from energy-intensive cooling devices like refrigerators, air conditioners, etc. The National Clean Air Program 2019 aims to reduce air pollution and addresses several forms of harmful emissions. The National Hydrogen Mission launched in 2021 aims to help India achieve its climate targets by making India a green hydrogen hub. India is also targeting to increase the usage of alternative fuels to reduce emissions by blending 20% Ethanol in petrol by 2025. Moreover, policies like National Building Code, 2016, Energy Conservation Building Code, 2017, Buildings Energy Efficiency Programme, green energy rating system, star rating programme, etc., seek to promote sustainability in the construction sector by improving energy efficiency, water conservation, waste management, recycling, etc. The union budget for the financial year 2022-23 also announced initiatives for financing climate change mitigation and adaptation strategies through sovereign green bonds, blended finance, etc. <cmsannotation type="cmsannotation" annotationid="Local and regional climate action" comment="subhead" text="Local and regional climate action">Local and regional climate action</cmsannotation> In addition to the various central government initiatives being implemented across the country, various states are devising their own strategies and plan to combat climate change. States like Gujarat, Odisha, and <keyword id="20154" type="General" weightage="50" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword> have constituted specific departments and cells to focus on climate change adaptation and mitigation. Kerala has announced a dedicated fund for this purpose and has issued green bonds to invest in climate resilience activities. <keyword id="13126" type="General" weightage="50" keywordseo="maharashtra" source="Orion">Maharashtra</keyword> has released the Mumbai Climate Action Plan to address climate change impacts in the coastal megacity and achieve net zero emissions by 2050. It is not just the central and state governments but also the corporates are taking active steps to combat climate change. More than sixty Indian companies have announced their net zero greenhouse gas (GHG) emissions targets. Leading Indian companies, including <keyword id="8555" type="General" weightage="50" keywordseo="tata" source="Orion">Tata</keyword>, Reliance, Mahindra, ITC, Adani Transmission, Arcelor Mittal Nippon Steel, and Dalmia Cement, have voluntarily pledged to move towards carbon neutrality through GHG emissions reduction and energy efficiency. With environmental, social and governance (<keyword id="77363" type="General" weightage="80" keywordseo="esg" source="Orion">ESG</keyword>) issues gaining prominence and ESG reporting becoming mandatory for the top 1000 companies, almost all major companies are addressing ESG issues to set their house in order and adopt the best practices. Various Indian banks have also incorporated ESG considerations into their lending policies. Therefore, be it the government or the private sector, every stakeholder has realised the importance of climate action and is working to prevent the planetary crisis, which, not to forget, affects almost all living species, including humans. <keyword id="12498063" type="General" weightage="50" keywordseo="nawneet-vibhaw" source="Orion">Nawneet Vibhaw</keyword> is a <keyword id="6399933" type="General" weightage="50" keywordseo="partner" source="Orion">Partner</keyword> at Shardul Amarchand Mangaldas &amp; Co. in the Environmental Law practice. This column is part of a year-long (2022-23) campaign on the theme “Only One Earth: Sustaining People, Planet and Prosperity” by Business Insider India’s <a href="https://www.businessinsider.in/sustainability">Sustainability Insider</a>. Disclaimer: The opinions expressed by the author/interviewee do not necessarily reflect the views of Business Insider India. The article has been partly edited for length and clarity.

You Searched For "mondayarcelor mittal nippon steel" and got 13 results

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

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ArcelorMittal chairman calls on Pradhan

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