20 Sep

The Tata Group company was picked as the highest bidder

Following this, NCLAT extended the time line for a week.Tata Steel put in a bid of Rs 17,000 crore. However, JSW Steel revised up its offer from Rs 11,000 crore to Rs 18,000 crore ahead of the CoC meeting.During the proceedings of NCLAT, counsel appearing for Tata Steel submitted that as its appeal against the August 1 order is expected to be heard by the Apex Court on Friday this week and requested to extend the time line for submission of the revised bids.Earlier on July 17, the NCLAT had stayed the meeting of CoC when they were going to vote for finalisation of the highest bidder (H1) for BPSL. New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Monday extended the deadline for submission of revised bids for debt-ridden Bhushan Power and Steel by one week on the plea of Tata Steel, a resolution applicant in this. Bhushan Power and Steel owes about Rs 45,000 hexagonal nuts crore to its lenders.

The Tata Group company was picked as the highest bidder for BPSL a day before that on July 31.Modifying its earlier order, the appellate tribunal has now said all three bidder — Tata Steel, Liberty House and JSW — may file their revised offers by August 13 for Bhushan Power and Steel Ltd (BPSL). Bhushan Power and Steel owes about Rs 45,000 crore to its lenders. Earlier, on August 1, an NCLAT bench headed by Chairman Justice S J Mukhopadhaya had allowed all three bidders to file revised offers by August 6. The tribunal on July 20 gave a go-ahead to the CoC meeting, directing it to finalise a bid for the company. NCLAT had also directed the CoC to call all the three bidders, along with operational creditors and suspended board of directors, in the meeting. According to them, if Committee of Creditors (CoC) take a decision based on the revised offers, then their position may be altered. Bhushan Steel and Power was among the 12 non-performing accounts referred by RBI for NCLT proceedings.However, NCLAT’s August 1 order was challenged by Tata Steel before the Supreme Court last week, opposing the revision of the offer.. The National Company Law Appellate Tribunal (NCLAT) on Monday extended the deadline for submission of revised bids for debt-ridden Bhushan Power and Steel by one week on the plea of Tata Steel, a resolution applicant in this. The NCLAT last month had vacated its stay and asked the CoC to consider resolution plans submitted by three firms — Tata Steel, Liberty House and JSW Steel.Tata Steel put in a bid of Rs 17,000 crore

6 Sep

It is premature to add any further at this stage

It is premature to add any further at this stage. Mr Jindal, who wants to make his company the world’s third largest steel maker, tried unsuccessfully to acquire some assets from Italy’s second largest steel maker Lucchini in 2014. India’s largest steel company JSW Steel has shown interest in acquiring the loss-making Tata Steel’s British operations, ringing alarm bells in banking circles and pulling down its shares. After the report, JSW’s stock prices plunged 2.92 per cent to close at Rs 1,288 with its share down Rs 38.According to its press release issued to anno-unce its results for the quarter ending December 2015, JSW “has made a total provision of Rs 5,596 crore for diminution in value of investments, other than temporary, in the value of certain overseas investments, loans and advances and towards certain guarantees for borrowing by the subsidiaries. In 2010, JSW acquired Indian steel maker Ispat Steel. Its losses for the three months ending December 2015, stood at Rs 4,142 crore.70 on Tuesday.London’s Financial Times on Monday named JSW Steel as one of the companies that showed interest.”Sources close to JSW Steel, however, claim that they have never defaulted on their debt repayments and have been servicing their debt through companies that have been making a profit.JSW Steel currently has no business operations or interests in the UK.Tata Steel on Monday had said that there were seven companies who ex-pressed interest for their loss making British operations but did not name them.

The company, controlled by billionaire Sajjan Jindal, already owes around Rs 37,512 crore.”According to Reuters, “bankers are uncomfortable with the JSW Group’s debt and they think the company is only testing the waters with the Tata bid.India’s largest steel company JSW Steel has shown interest in acquiring the loss-making Tata Steel’s British operations, ringing alarm bells in banking circles and pulling down its shares. Its operations besides India are US JSW Steel (USA) Inc, and its subsidiaries in the US, JSW Panama (Holding) Corpo-ration and its subsidiaries, JSW Steel (Netherlands) BV and its subsidiaries and Periama China heavy hex nuts Suppliers Holding LLC and its subsidiaries.”. The losses from Tata’s British operations for 2015 were £306 million.In response, JSW Steel on Tuesday said that as part of its “growth strategy” it “evaluates several opportunities including the current opportunity of UK steel facilities

4 Sep

The scientists found that all kinds of tree nuts

The scientists found that all kinds of tree nuts would help to reduce the risk of getting the conditions. (Photo: Pixabay) A recent research has found that eating handful of nuts could cut the risk of coronary heart disease by nearly 30 percent, while also reducing the risk of cancer by 15 percent. Eating more than 20g a day didn’t have any more benefits than simply eating the one handful.”Adding, “Even though nuts are quite high in fat, they are also high in fibre and protein, and there is some evidence that suggests nuts might actually reduce your risk of obesity over time. Some nuts, particularly walnuts and pecan nuts are also high China wholesale Hex Nuts Factory From China in antioxidants, which can fight oxidative stress and possibly reduce cancer risk.

The researchers compiled data from 29 previously published studies, to find the healthy benefits of nuts.The nut list include walnuts, almonds, hazelnuts, cashews, pistachios and pecans.But eating more than 20g a day didn’t have any more benefits than simply eating the one handful.Dagfinn Aune, co-author of the study, said, “Nuts and peanuts are high in fibre, magnesium, and polyunsaturated fats – nutrients that are beneficial for cutting cardiovascular disease risk and which can reduce cholesterol levels.Up to 8,19,000 people were analysed, comprising 12,000 cases of heart disease, 9,000 strokes, 18,000 cases of cardiovascular disease and cancer, and 85,000 deaths..Meanwhile, peanuts were found to be helpful in preventing strokes.Who knew “pass the peanut” would actually be good for your heart.They found that just 20g of nuts – the equivalent to a handful – was enough to slash the risk of dying from a number of fatal conditions

2 Sep

The company said it is positioned to deliver value and the execution

This deleveraging bias will continue as we target a net debt of below USD 6 billion to support an investment grade rating at all points of the cycle,” it said.ArcelorMittal follows the January-December fiscal year. New Delhi: The world&DIN934 HEX NUTS39;s largest steelmaker ArcelorMittal on Friday reported a 19 per cent jump in its net income to USD 1.18 billion in January-March period from USD 16.6 MT.1 billion.19 billion for the quarter ended March 31, 2018.1 MT from 8.3 MT during the quarter under review from 23.1 billion in the year-ago quarter.4 million tonnes.08 billion in the corresponding period last year.On March 2, 2018, ArcelorMittal signed a joint venture formation agreement with Nippon Steel and Sumitomo Metal Corporation (NSSMC) in relation to its offer to acquire Essar Steel, it said.”On February 12, 2018, the Company’s subsidiary ArcelorMittal India Private Limited (AMIPL) submitted a Resolution Plan for Essar Steel India Limited (Essar Steel) which set out a detailed plan to restore Essar Steel’s fortunes and enable it to realise its full potential and participate in the anticipated steel demand growth in India,” it said.7 billion and crude steel production of 93.7 MT earlier.1 MT in the year-ago period. Iron ore shipments at market price in January-March rose to 9.”Against this improving backdrop, we continue to focus on structural improvement – through the delivery of our Action 2020 strategic plan – and investing with focus and discipline in opportunities that will drive higher future returns.

The company said it is positioned to deliver value and the execution of its strategy, combined with improved industry fundamentals, and the strengthening market backdrop has resulted in improved results.1 million tonnes, while own iron ore production reached 57.ArcelorMittal’s Chairman and CEO Lakshmi Mittal said: “The improvement in global steel market dynamics has continued into 2018, supporting an encouraging financial performance in the first quarter.2 billion. The company had posted a net income of USD 1 billion in the year-ago period..27 per cent to USD 19.ArcelorMittal is also trying to gain a firm foothold in India and has bid for debt-laden Essar Steel which is currently undergoing insolvency proceedings.The firm, led by billionaire Lakshmi N Mittal, also saw its net debt decrease to USD 11.1 billion.”The outlook for 2018 has strengthened as the year has progressed, with the combination of growing demand and supply-side reform driving higher capacity utilisation rates and healthy steel spreads globally, he said.1 billion as compared to USD 12. EBITDA increased 13 per cent year-on-year to USD 2.ArcelorMittal is the world’s leading steel and mining company, with a presence in 60 countries and an industrial footprint in 18 countries.”There is more to come from our Action 2020 initiatives in the coming periods, particularly from volume and mix improvements.

ArcelorMittal also reported steel shipments of 21.2 billion and forex USD 0. Crude steel production dipped to 23.The Committee of Creditors (CoC) on May 2 had met representatives of # ArcelorMittal and Numetal regarding their eligibility for Essar Steel and a decision is awaited. The world’s largest steelmaker ArcelorMittal on Friday reported a 19 per cent jump in its net income to USD 1.3 million tonnes (MT) in the first quarter of 2018, marginally up from 21.2 billion. In recent years, the company has transformed its balance sheet.The firm, led by billionaire Lakshmi N Mittal, also saw its net debt decrease to USD 11. In 2017, ArcelorMittal had revenues of USD 68. Sales of the steel giant rose 19.5 billion, while net income improved by 19 per cent to USD 1. The Luxembourg-based firm reported a lower net debt of USD 11.9 billion, share buyback USD 0. “Our acquisition of Ilva has now received competition clearance from the European Commission and we expect to complete this acquisition by the end of the second quarter 2018,” Mittal said.19 billion for the quarter ended March 31, 2018. The net debt included working capital investment of USD 1

29 Aug

The acquisition will be implemented subject to the approvals

The acquisition will be implemented subject to the approvals of Indian NCLT and other relevant authorities,” it said.Subsequent to being declared the highest bidder on October 19, the Committee of Creditors (CoC) has issued ArcelorMittal a Letter of Intent (LoI) declaring them as “successful applicant”. A company spokesperson said the offer is superior to ArcelorMittal’s bid as it provides 100 per cent repayment to lenders and meets the objectives of maximisation of value and protection of the interest of all stakeholders.Consider promoters’ attempt: Firm Essar Steel promoters, however, wanted the CoC to consider their offer as it offered maximum value to all stakeholders and cannot be ignored citing some process lacunae.He said Section 12A of the Insolvency and Bankruptcy Code (IBC) that allows withdrawal of insolvency proceedings subject to approval by 90 per cent of the creditors and the National Company Law Tribunal (NCLT), was introduced in June 2018, much after the EoI in case of Essar Steel was floated on October 20, 2017.

It cannot be ignored just because the offer to pull out the company out of bankruptcy was not made before CoC called bids.In a separate statement, Nippon Steel & Sumitomo Metal Corporation said it had been “engaged in, together with ArcelorMittal, acquisition procedures aiming at jointly acquiring and managing Essar Steel”.In a statement, ArcelorMittal said its resolution plan for Essar Steel, which the lenders auctioned to recover over `49,000 crore of unpaid loans, includes “an upfront payment of over `42,000 crore” to settle debt and “a further `8,000 crore of capital injection into the company to support operational improvement, increase production levels and deliver enhanced levels of profitability”. “On October 25, ArcelorMittal India, a subsidiary of ArcelorMittal and the resolution applicant, has been declared the successful applicant by Essar Steel’s CoC.A committee of Essar Steel creditors picked ArcelorMittal on October 25, a day when the Ruia family offered to pay lenders `54,389 crore including `47,507 crore in upfront cash to clear all their dues in a last-ditch effort to avert losing their flagship firm.Essar Steel promoters, however, wanted the CoC to consider their offer as it offered maximum value to all stakeholders and cannot be ignored citing some process lacunae.. New Delhi: NRI billionaire Lakshmi Mittal-led ArcelorMittal on Friday said it has won a bid to acquire debt-laden Essar Steel for over `42,000 crore, a deal that will help fulfil the world’s largest steel maker’s DIN934 HEX NUTS long-time ambition of having an India mill. It wasn’t immediately clear if lenders even considered offer of Essar Steel promoters