Arcelor, Nippon Steel join forces to bid for insolvent Essar Steel
Posted on 3rd March 2018 |
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| The world’s biggest steelmaker, ArcelorMittal, and Japan’s top mill will form a partnership to bid for Essar Steel India Ltd., the insolvent producer that could fetch at least $6 billion. Arcelor and Nippon Steel & Sumitomo Metal Corp. said in a statement they have joined the bidding for Essar, which is on the block after entering an Indian government-mandated process designed to clean-up companies that can’t repay their debts.Luxembourg-based Arcelor will be the majority partner, Kosei Shindo, president of Nippon Steel, said at a briefing in Tokyo, describing the venture as “almost 50:50.” He said the bidders want to target demand from the construction industry, which is set benefit from a massive infrastructure push by India’s government that could triple the nation’s steel capacity.The joint acquisition by the companies depends on their plan being selected and accepted by Indian courts. Essar is the largest distressed steelmaker being sold under the program, and is also the subject of a bid from Russia’s state-controlled VTB Group. Arcelor and Nippon Steel have operated joint ventures in America going back to 1987, and partnered on another U.S. purchase in 2014. In the statement, Lakshmi Mittal, Arcelor’s chief executive officer, promised a “rapid turn-around in Essar’s performance,” citing “a rich history of positive collaboration” with the Tokyo-based company.Advisers evaluating offers for Essar had recommended last month that both Arcelor and VTB should be disqualified after querying whether they met the bidding criteria. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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