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
Building Material

JSW Steel and POSCO to Invest ?650 Billion in Odisha Steel Plant

India's JSW Steel and South Korea's POSCO have announced plans to jointly invest ?650 billion (~$7.73 billion) in constructing a steel plant in Odisha. The plant, which will have an initial capacity of 5 million tons of steel annually, is part of their strategy to tap into India's rapidly growing steel market, fueled by its fast-paced economic expansion. The cooperation agreement was signed last week, although specific financial details were not disclosed. The initial investment for the project will be ?200 billion, with the plant expected to be operational by next year. Over the following thr..

Next Story
Infrastructure Urban

India's EV Charging Market Set to Reach $3.7 Billion by 2030

India’s electric vehicle (EV) charging market is projected to grow to $3.7 billion by 2030, driven by increasing EV adoption and the need for efficient charging solutions. The sector is expected to expand at a compound annual growth rate (CAGR) of 16%, supported by environmental concerns and fluctuating fuel prices. Globally, the EV charging infrastructure market is also experiencing significant growth, with revenues forecast to surge from $25.9 billion in 2023 to $164 billion by 2030, reflecting a CAGR of approximately 12%. "Fast-charging technologies and battery-swapping solutions are esse..

Next Story
Resources

IIA Kerala to host SRC 2024 on November 29-30

The Southern Regional Conference (SRC) 2024, hosted by The Indian Institute of Architects (IIA) Kerala Chapter and organised by IIA Kannur Centre, will take place on November 29-30, 2024 at Vythiri Village Resort in Wayanad. This prestigious conference will bring together visionary architects from across the country  and beyond to foster a rich dialogue and exchange of innovative ideas in the field of architecture.The Southern Regional Conference serves as a premier platform for professional development, knowledge sharing, and networking within the architectural community. This year’s t..

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