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The committee of Creditors (CoC) of Uttam Galva Steel has approved AM Mining India Private Ltd’s bid for the distressed steel company by 100 per cent vote share.
Arcelor Nippon to double capacity Expansion at Hazira and look for opportunities elsewhere as their maiden venture in the country completes a year in operation
The Mittals plan to double their bets on India as their maiden venture in the country completes a year in operation.
Dilip Oommen, CEO of AMNS India (ArcelorMittal Nippon Steel), said the company would like to expand capacity at Hazira to twice the existing size and look for opportunities elsewhere.
Speaking at an e-conclave organised by the Bengal Chamber of Commerce & Industry, Oommen said: “We are quite bullish on the future of the steel industry in India. While we are expanding our pellet capacity to 20 million tonnes, we want to double the production at Hazira in stage one and then we will look at opportunities.”
Hungry for Stressed Assets
Private equity and stressed asset funds continue to show interest in acquiring value assets undergoing insolvency proceedings despite delays and litigation
Illustration by Raj Verma
The battle for acquiring Dewan Housing Finance Ltd, the first financial service provider to go through insolvency proceeding, is intensifying with Adani group s last minute revised offer, taking other bidders, also called resolution applicants, by surprise.
While others in the race - Piramal Enterprises and foreign distressed asset firms such as Oaktree Capital and SC Lowy - took umbrage at the last-minute change in Adani group s offer and threatened to pull out of the bidding process, Adani hit out at them for using the media to prevent maximisation of value for lenders and depositors.