ArcelorMittal places EoI for Srei
ArcelorMittal places EoI for Srei
POWER & RENEWABLE ENERGY

ArcelorMittal places EoI for Srei

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

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

Next Story
Infrastructure Transport

Vishnu Prakash R Punglia Wins Rs.90.89 Crore Railway Contract

Vishnu Prakash R Punglia Ltd. has announced the receipt of a significant letter of acceptance (LoA) from the Office of DYCE-C-BKN-ENGINEERING, North Western Railway, Bikaner. The contract, valued at ?908.9 million, encompasses a range of infrastructure works between Sadulpur and Churu as part of the Churu-Sadulpur Doubling Project. The project involves extensive earthwork including filling and cutting in formation, blanketing, construction of minor bridges, low-height subways (LHS), foot overbridges (FOB), platforms and platform shelters, as well as S&T structures, cable ducting, and other an..

Next Story
Infrastructure Urban

India and US to Lead Critical Tech Development, Says NSA Ajit Doval

India and the United States must stay at the forefront of developing critical technologies to protect their value systems and strategic interests, National Security Advisor Ajit Doval stated. Doval made these remarks alongside his American counterpart, Jake Sullivan, during the iCET (India-US initiative on Critical and Emerging Technology) industry roundtable hosted by the Confederation of Indian Industry (CII). Doval's comments followed the unveiling of a series of transformative initiatives aimed at deepening India-US cooperation in areas such as artificial intelligence, semiconductors, cri..

Next Story
Infrastructure Energy

NTPC Partners with Macawber Beekay for Green Coal Projects in India

State-owned power giant NTPC has enlisted Macawber Beekay to supply green coal, derived from municipal solid waste (MSW), to reduce carbon emissions in electricity generation, announced the waste-to-energy firm. Macawber Beekay Private Ltd (MBL) revealed in a statement that it has secured three NTPC Green Coal projects located in Noida (Uttar Pradesh), Bhopal (Madhya Pradesh), and Hubbali (Karnataka). Green coal, a type of charcoal produced through the thermal treatment process of torrefaction in an oxygen-deficient environment, will be manufactured in three new units. These units will treat 9..

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

Join us Telegram