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
Real Estate

Dharavi Rising

Dharavi, Asia’s largest informal settlement, stands on the cusp of a historic transformation. With an ambitious urban renewal project finally taking shape, millions of residents are looking ahead with hope. But delivering a project of this scale brings immense challenges – from land acquisition to rehabilitate ineligible residents outside Dharavi and rehabilitation to infrastructure development. It also requires balancing commercial goals with deep-rooted social impact. At the helm is SVR Srinivas, IAS, CEO & Officer on Special Duty, Dharavi Redevelopment Project (DRP), Government..

Next Story
Real Estate

MLDL Records 20.4% Growth in Pre-Sales

Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development arm of the Mahindra Group, announced its financial results for the quarter ended March 31, 2025. In line with INDAS 115, the company recognises revenues using the completion of contract method. Key highlights FY25: Consolidated sales (Residential and IC&IC) of Rs 32.99 billion. Gross development value (GDV) additions in FY25 were Rs 1.81 trillion compared to Rs 440 billion in FY24 (~4x growth). Residential pre-sales of Rs 28.04 billion in FY25, reflecting 20.4% growth o..

Next Story
Infrastructure Transport

UCSL Delivers India's First Green Cargo Vessel to Norway

In a landmark achievement for Indian shipbuilding and the Atma Nirbhar Bharat initiative, Udupi Cochin Shipyard Limited (UCSL), a subsidiary of Cochin Shipyard Limited (CSL), has delivered the first of six next-generation green cargo vessels to Norway-based Wilson Ship Management AS, Europe’s largest short-sea shipping operator. The 3,800 DWT vessel, named Wilson Eco 1, was handed over during a ceremony at New Mangalore Port. The delivery is part of a Rs 5.06 billion project supported by Norway’s green maritime funding programme, marking India's entry into the European eco-friendly ca..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?