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GAIL, US-based Petron to form JV for bio-ethylene plant

GAIL Ltd and US-based Petron Scientech Inc. have signed a memorandum of understanding to explore setting up a 500 kilo ton per annum bio-ethylene plant and its downstream units in India through a joint venture. Sumit Kishore, executive director, GAIL and Yogi Sarin, chief executive, Petron signed the non-binding MoU on Wednesday, said a statement from GAIL. "In line with …

Petron

After KSS Petron, Royale Partners bids for Lavasa

After bidding for engineering, procurement and construction company KSS Petron Pvt. Ltd, Mauritius-based Royale Partners Investment Fund has thrown its hat in the ring to acquire debt-laden Lavasa Corp. Ltd, a subsidiary of the BSE-listed Hindustan Construction Co. Ltd. Lavasa, the country’s first privately-developed city, around 180km from Mumbai, has started the corporate insolvency process under the insolvency and bankruptcy …

Kss Petron

ArcelorMittal-led CoC to decide on resolution plan for KSS Petron

The ArcelorMittal Group, which has bought out the loans of KSS Petron Pvt Ltd, now holds all the cards in the company’s bankruptcy proceedings. The KSS Petron resolution professional told the Mumbai bench of the National Company Law Tribunal on Wednesday that the UK-based steel major now owns 99.76% voting rights in the company. “After paying the financial lenders of …

Mumbai: ArcelorMittal will pay ₹ 7,469 crore to the financial creditors of Uttam Galva Steels Ltd and KSS Petron Pvt. “ArcelorMittal announces that in line with the Indian Supreme Court ruling dated 4 October 2018, it has approved a payment of ₹ 7,469 crore to the financial creditors of Uttam Galva and KSS Petron to clear overdue debts in order …

ArcelorMittal offers to settle KSS Petron, Uttam Galva dues ‘at much less’

Mumbai: How much does ArcelorMittal need to pony up to be eligible to bid for Essar Steel? Until now, it was widely believed that ArcelorMittal had to pay at least ₹ 7,000 crore to various lenders of Uttam Galva Steels Ltd and KSS Petron to qualify as a bidder for Essar Steel. In May, ArcelorMittal was understood to have transferred …

Steel and mining firm ArcelorMittal today assailed in the Supreme Court the order of the NCLAT asking it to pay Rs 7,000 crore to become eligible to bid for Essar Steel, saying that it had already divested its shares in the firms Uttam Galva Steel and KSS Petron, whose bad loans were directed to be paid by it.ArcelorMittal India, the …

New Delhi: The National Company Law Appellate Tribunal on Friday held Russia’s VTB Capital-backed Numetal’s second bid valid and asked the world’s largest steel manufacturer ArcelorMittal to clear dues of Uttam Galva and KSS Petron till date within three days to turn its bid eligible for taking over debt-ridden Essar Steel. In the second round of bidding, Anil Agarwal’s Vedanta …

IBC: Eligible to bid for Essar Steel as not a promoter of Uttam Galva, KSS Petron, says ArcelorMittal to NCLAT

ArcelorMittal and Numetal have filed petitions in the NCLAT challenging the disqualification of their first round of bids. New Delhi: ArcelorMittal on Tuesday said it was eligible under the Insolvency & Bankruptcy Code to bid for Essar Steel as it was not a promoter of Uttam Galva and KSS Petron, and had already offloaded its shares before submission of the …