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 Energy

REC Transfers HVDC Project to Power Grid

REC Limited has successfully handed over the Special Purpose Vehicle (SPV) for a High-Voltage Direct Current (HVDC) transmission project to Power Grid Corporation of India Limited (PGCIL). This strategic move aligns with the nation's objectives to strengthen its power transmission network. Key Highlights: Project Overview: The HVDC project, under the inter-state transmission system (ISTS) initiative, is a critical component of India's push toward robust and efficient electricity transmission. It aims to handle bulk power transfer across long distances while ensuring minimal losses. Role of RE..

Next Story
Infrastructure Transport

NF Railway Collaborates with IIT Guwahati

The Northeast Frontier (NF) Railway has signed strategic Memorandums of Understanding (MoUs) with IIT Guwahati to foster technological advancements and improve railway operations in the region. This partnership focuses on innovative solutions to enhance safety, efficiency, and sustainability in rail infrastructure. Key Highlights: Purpose of MoUs: The collaboration aims to leverage IIT Guwahati's expertise in technology and research for implementing cutting-edge solutions across railway operations. Key areas of focus include: Automation and digitization in maintenance. Sustainability initiati..

Next Story
Infrastructure Transport

Danapur Division Modernization Plans Revealed

The Railway Board has unveiled ambitious plans for the expansion and modernization of the Danapur Division, a critical hub under the East Central Railway. The initiative focuses on infrastructure development, enhanced passenger amenities, and operational efficiency. Key Highlights: Scope of Modernization: The Railway Board's blueprint emphasizes: Upgrading existing infrastructure to accommodate more passenger and freight traffic. Improving station facilities, such as platforms, waiting areas, and connectivity. Introducing advanced signal systems for safer and smoother operations. Freig..

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