Indian Steel Corp's resolution plan for AM Mining approved by NCLT
Steel

Indian Steel Corp's resolution plan for AM Mining approved by NCLT

Indian Steel Corporation (ISC), a downstream unit with headquarters in Gujarat, had its resolution plan accepted by the National Company Law Tribunal (NCLT). AM Mining is a division of ArcelorMittal India (AMIPL) and a member of the joint venture between ArcelorMittal and Nippon Steel.

AMIPL anticipates putting the newly passed resolution plan into practise in due course.

On April 13, the NCLT issued the directive. The total sum under the resolution plan is Rs 8.97 billion, of which Rs 8.10 billion will go to secured financial creditors.

The admitted claims of secured financial creditors as of November 2022 were approximately Rs 27.09 billion.

Dilip Oommen, Executive Vice President, ArcelorMittal, commented on the NCLT's approval, stating that the acquisition would strengthen downstream capabilities and widen the product line as the company seeks to take advantage of market opportunities provided by the steel industry, particularly in high value-added steel production.

ISC is a steel processing business comprising cold-rolled, galvanised, and colour-coated activities. It can produce 600,000 tonne of cargo annually.

Also read:
UltraTech Cement partners with Tilt Brand Solutions
Tata Steel Q4 Update: 3% growth in output; 3.43% decline in revenue


Indian Steel Corporation (ISC), a downstream unit with headquarters in Gujarat, had its resolution plan accepted by the National Company Law Tribunal (NCLT). AM Mining is a division of ArcelorMittal India (AMIPL) and a member of the joint venture between ArcelorMittal and Nippon Steel. AMIPL anticipates putting the newly passed resolution plan into practise in due course. On April 13, the NCLT issued the directive. The total sum under the resolution plan is Rs 8.97 billion, of which Rs 8.10 billion will go to secured financial creditors. The admitted claims of secured financial creditors as of November 2022 were approximately Rs 27.09 billion. Dilip Oommen, Executive Vice President, ArcelorMittal, commented on the NCLT's approval, stating that the acquisition would strengthen downstream capabilities and widen the product line as the company seeks to take advantage of market opportunities provided by the steel industry, particularly in high value-added steel production. ISC is a steel processing business comprising cold-rolled, galvanised, and colour-coated activities. It can produce 600,000 tonne of cargo annually. Also read: UltraTech Cement partners with Tilt Brand Solutions Tata Steel Q4 Update: 3% growth in output; 3.43% decline in revenue

Next Story
Infrastructure Urban

Larsen & Toubro Secures Contract from Defence Ministry

The Ministry of Defence, Government of India, has awarded a significant contract to Larsen & Toubro (L&T) for supplying K9 Vajra-T Artillery Platforms to the Indian Army. As per the company's project classification, the contract is valued between Rs 50 billion and Rs 100 billion. The K9 Vajra-T, a 155 mm, 52-calibre tracked self-propelled artillery platform, is an adaptation of the globally renowned South Korean K9 Thunder howitzer. It has been co-developed by L&T and Hanwha Aerospace to meet the Indian Army's specific operational needs across diverse terrains, including deserts, plains, and..

Next Story
Real Estate

Delhi-NCR Housing Market sees 25% Sales Growth

The Delhi-NCR property market has maintained its momentum during the December quarter, with housing sales and new supply estimated to grow by 25 per cent and 59 per cent, respectively, as reported by PropEquity. Data from the real estate analytics firm suggests that housing sales in Delhi-NCR are likely to rise to 12,915 units during the October-December period of this year, compared to 10,354 units in the corresponding period of the previous year. New supply in the region is expected to increase significantly, reaching 11,223 units, a 59 per cent rise from 7,072 units in the year-ago quarter..

Next Story
Infrastructure Urban

DDC Approves Five Key Projects Under Kasaragod Development Package

The District Development Committee (DDC) has approved a budget of Rs 100.08 million for five key projects under the Kasaragod Development Package. This funding is part of the Rs 700 million allocated in the State budget for the 2024-25 financial year, with administrative approval formally amended to incorporate these initiatives. The decision was made during a meeting chaired by District Collector K. Inbasekar on Saturday, December 21. The approved projects include Rs 40.99 million for constructing Udayapuram Thungal Road in Kottom Belur grama panchayat and Rs 20.56 million for setting up a ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000