ArcelorMittal offers Rs. 8 billion to Indian Steel lenders
Steel

ArcelorMittal offers Rs. 8 billion to Indian Steel lenders

Lakshmi Mittal-promoted ArcelorMittal India, the frontrunner to acquire bankrupt Indian Steel Corporation, has reportedly offered an upfront payment of Rs. 8 billion to lenders. Lenders of Indian Steel Corporation have already begun voting on the resolution plans offered by AM Mining, an ArcelorMittal-linked company, and Khandwala Finstock. The voting will end on May 10. Indian Steel Corporation was admitted for insolvency proceedings last October by the National Company Law Tribunal.

Almost all lenders are believed to favour the ArcelorMittal plan since its offer is upfront and higher than that from Khandwala Finstock, and would imply a recovery of nearly 30 per cent of the claim amount for lenders. Khandwala Finstock's offer is much lower and staggered over a few years.


Lakshmi Mittal-promoted ArcelorMittal India, the frontrunner to acquire bankrupt Indian Steel Corporation, has reportedly offered an upfront payment of Rs. 8 billion to lenders. Lenders of Indian Steel Corporation have already begun voting on the resolution plans offered by AM Mining, an ArcelorMittal-linked company, and Khandwala Finstock. The voting will end on May 10. Indian Steel Corporation was admitted for insolvency proceedings last October by the National Company Law Tribunal.Almost all lenders are believed to favour the ArcelorMittal plan since its offer is upfront and higher than that from Khandwala Finstock, and would imply a recovery of nearly 30 per cent of the claim amount for lenders. Khandwala Finstock's offer is much lower and staggered over a few years.

Next Story
Infrastructure Urban

India To Invest $37 Billion To Boost Petrochemical Capacity

India is set to become a major global player in the petrochemicals industry, driven by a planned capital expenditure of $37 billion (Rs 3.1 trillion) aimed at reducing import dependency and enhancing self-sufficiency, according to S&P Global Ratings.In its latest report titled “First China, Now India: Self-Sufficiency Goals Will Add To Petrochemicals Supply”, S&P said India’s large-scale capacity expansion—mirroring China’s earlier push—will likely intensify oversupply pressures in Asia’s petrochemical markets.Currently the world’s third-largest petrochemical consumer a..

Next Story
Infrastructure Transport

Indian Railways Expands Global Exports Of Rail Equipment

Indian Railways has announced that it is rapidly emerging as a global exporter of railway equipment, including bogies, coaches, locomotives, and propulsion systems, under the government’s ‘Make in India, Make for the World’ initiative.According to an official statement, India’s railway products are now reaching over 16 international markets, reflecting the country’s growing capacity to design, develop, and deliver world-class rail solutions.Metro coaches have been exported to Australia and Canada; bogies to the United Kingdom, Saudi Arabia, France, and Australia; propulsion systems t..

Next Story
Infrastructure Transport

RailTel Awards Rs 163 Million Contract To RTNS Technology

RailTel Corporation of India Limited (RailTel), a Mini Ratna Public Sector Undertaking, has awarded a domestic work order worth Rs 163 million to RTNS Technology Private Limited.The contract, issued on 30 September 2025, involves the supply and installation of equipment and related services for one of RailTel’s key customers. The project underscores RailTel’s commitment to advancing technology and communication infrastructure through collaboration with domestic system integrators.RTNS Technology Private Limited, an ISO-certified system integrator, provides comprehensive solutions for perim..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?