IndiaCatalog.com
India News
Search Web Directory
News Home
Essar Steel dues to pipeline firm continue to pile up
Posted on 21st June 2018
Odisha Slurry Pipeline Infrastructure (OSPIL), which owns the pipeline carrying iron ore to Essar Steel, has not been receiving payments from the steelmaker, Sunil Kanoria, vice-chairman, Srei Infrastructure Finance, has confirmed. Essar Steel is currently in the midst of a corporate insolvency resolution process. Kanoria told FE that since the pipeline is a leased asset, payments should have been regular. “It’s an operating expense and the company should have paid the monthly rentals. The company is using the asset, but not paying,” he said. OSPIL owns the pipeline that carries iron ore from Odisha to Paradip port, from where the ore is sent to Essar Steel’s plant in Hazira, Gujarat. The remaining 30% is held by Essar Steel. India Growth Opportunities Fund, floated by Srei Infrastructure, holds a 70% stake in OSPIL. Essar Steel is being administered by interim resolution professional Satish Kumar Gupta with the consent of its committee of creditors.

Emails seeking responses from Gupta and State Bank of India (SBI), which had moved the insolvency petition against Essar Steel, remained unanswered till the time of going to press. Earlier this year, lenders to OSPIL had moved the Delhi High Court seeking a stay on the sale of a 70% stake in OSPIL to Numetal Mauritius. Numetal had entered into an agreement to buy a 70% stake from Srei Infrastructure for Rs 4,000 crore. Numetal, a joint venture between Russia’s VTB Bank and Rewant Ruia’s trust, has made a bid for Essar Steel under the Insolvency and Bankruptcy Code (IBC), as has Lakshmi Mittal’s ArcelorMittal. Essar Steel owes lenders close to Rs 45,000 crore. There have been two rounds of bidding for Essar Steel and contenders for the company are now quibbling in the courts over which round should be considered for the sale of the company.

In May, Numetal argued in the National Company Law Appellate Tribunal (NCLAT) that the resolution plans submitted in the second round of bidding should be considered and the highest bid be selected. ArcelorMittal, on the other hand, opposed the petition to allow the second round of bids to be opened, and said only the first round of bids should be considered. ArcelorMittal is understood to have made an upfront offer of Rs 30,500 crore and pledged another Rs 8,000 crore in the form of capital infusion into Essar Steel. Mukul Rohatgi, counsel for Numetal, told the NCLAT that Numetal has severed its association with Rewant Ruia, son of Essar Steel promoter Ravi Ruia, to become eligible to buy the steel company. Moreover, he said, it has also enhanced the bid amount to Rs 37,000 crore.

Related Companies: Essar Steel   

Other Latest News
Mukesh Ambani plans to expand RIL Jamnagar complex to make world’s largest refinery even bigger
Posted on 19th November 2018
Billionaire Mukesh Ambani-owned Reliance Industries Ltd. is considering a plan to boost its oil-refining capacity by about half, people with knowledge of the matter said. The proposed plant, to come up at the world’s biggest refining complex in Jamnagar, will be able to process as much as 30 million tons of crude a year, the people said asking not to be identified because the discussions are private. A Reliance spokesman didn’t reply to an email seeking comment.

BSE to manage Sensex in-house: Plans to snap ties with S&P Dow Jones, develop own indices
Posted on 19th November 2018
Asia’s oldest bourse BSE has decided to snap ties with S&P Dow Jones, which manages and operates benchmark Sensex, and plans to develop indices through its own in-house development team, exchange’s officials said.

The two entities had announced a joint venture — Asia Index — in 2013 to provide an array of indices enabling global and domestic investors to participate in South Asia’s vibrant economies.


NTPC invites EoI to build fly ash-based roads at its plants
Posted on 19th November 2018
NTPC has invited expression of interest (EoI) for construction of fly ash-based geopolymer concrete roads at its plants to demonstrate use of this technology, a company official said.

“NTPC has invited players to construct fly ash-based geopolymer concrete roads. About 1,100 tonne of fly ash is used per km of geopolymer road,” the official told PTI.


PNB’s overseas operations also under fraud cloud
Posted on 19th November 2018
New Delhi: It’s not just jeweller Nirav Modi and his uncle Mehul Choksi who have run away with Rs 13,000 crore of Punjab National Bank’s money. It now turns out that the fraud-hit bank has been robbed of another Rs 271 crore by a group of businessmen in UK using similar modus operandi.

BharatNet failure: BSNL passes blame on BBNL
Posted on 19th November 2018
New Delhi: Cutting flak from the department of telecom (DoT) over gaps in maintenance of BharatNet infrastructure, the BSNL has given a strong reply to the DoT putting the onus of the failure on Bharat Broadband Network Ltd (BBNL) and asserting it is this entity that should be questioned for the mismanagement.

» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for Essar Steel dues to pipeline firm continue to pile up
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Name*
Comments*
Security Code*
 

Be the first person to write a business review for Essar Steel dues to pipeline firm continue to pile up

Most Read News

Sensex, Nifty end higher for 2nd session on strong fund inflow, firm rupee

Vodafone Idea to report a sizeable loss in September quarter, say analysts

Markets post third straight weekly gain; YES Bank stock declines 7%

Coal India share sale to employees receives a lukewarm response

GVK Power gets approval to raise Rs 8,000 crore for debt repayment

More India News

  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
Home
About us
Link to us
Advertise
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2018 IndiaCatalog.com
    All Rights Reserved
Privacy Statement