ArcelorMittal places EoI for Srei

03 Oct 2022 CW Team

ArcelorMittal has submitted an EoI in an insolvency-driven process to acquire Srei Infrastructure Finance (SIFL) and Srei Equipment Finance (SEFL). While the entry of a steel company into the bidding war for struggling NBFCs surprised many, industry observers reportedly remember the year-long battle between the two companies. Srei Infrastructure had petitioned the Supreme Court in August to stop ArcelorMittal from acquiring its 253-kilometer slurry pipeline company Odisha Slurry Pipeline Infrastructure (OSPIL) through the insolvency process after a three-year battle. OSPIL was established as an entirely owned subsidiary of Essar and was later sold to a group of financial lenders, including Srei, for 40 billion. Srei Infra claims that ArcelorMittal India's resolution plan was discriminatory in its treatment of similarly situated secured and unsecured creditors; and because it was a secured financial creditor, it was treated differently than other similarly situated creditors such as banks. If ArcelorMittal's EoI is accepted by the resolution professional, it will be granted access to the data room for Srei Group companies. This, in turn, will aid ArcelorMittal's legal strategy in its Supreme Court battle.

Also read:
NDMC unveils draft solar policy 2022
Continental Automotive buys large space in Bengaluru

Infrastructure Transport

15 Oct 2025

BMC Gets CRZ Nod For Rs 40 Million Gorai Bridge Rebuild

The Brihanmumbai Municipal Corporation (BMC) has secured Coastal Regulation Zone (CRZ) clearance for the reconstruction of the Poisar River bridge in Gorai, located in Mumbai’s western suburbs. However, the proposed demolition of the existing 100-metre bridge has sparked opposition from local residents, who claim it serves as the only direct access route between the Lower and Upper Koliwada areas. The three-decade-old bridge, situated within the CRZ buffer zone, was recently declared structurally unsafe following a civic audit. The BMC has sanctioned its reconstruction at an estimated cost ..

NHAI Completes Rs 15.9 Billion Four-Lane Stretch On ECR

The National Highways Authority of India (NHAI) has completed the four-laning of the 38 km Puducherry–Poondiyankuppam stretch, ending near Cuddalore, in a development that will cut travel time by up to two hours, according to a report by The New Indian Express. The upgraded section, built at a cost of Rs 15.9 billion under the Bharatmala Pariyojana Phase I, marks a major milestone in the ongoing East Coast Road (ECR) widening programme. The project promises a smoother, faster drive for motorists travelling towards Cuddalore, Chidambaram, Sirkazhi, and Nagapattinam. With this completion, 22..

Encroachments Delay Rs 1 Billion Ghatkopar Bridge Project

The construction of a new cable-stayed rail overbridge at Ghatkopar and the widening of the Andheri–Ghatkopar Link Road (AGLR) have been delayed due to the presence of nearly 250 encroached structures on both sides of the road. In response, Municipal Commissioner Bhushan Gagrani has directed officials to carry out a structural audit of the existing bridge over the railway line and enforce temporary restrictions on heavy vehicles to ensure public safety. The bridge, which starts at the Golibar Road junction near LBS Marg and extends up to the Eastern Express Highway (EEH), serves as a critic..