Indian Steel Corp's resolution plan for AM Mining approved by NCLT

20 Apr 2023 CW Team

Indian Steel Corporation (ISC), a downstream unit with headquarters in Gujarat, had its resolution plan accepted by the National Company Law Tribunal (NCLT). AM Mining is a division of ArcelorMittal India (AMIPL) and a member of the joint venture between ArcelorMittal and Nippon Steel.

AMIPL anticipates putting the newly passed resolution plan into practise in due course.

On April 13, the NCLT issued the directive. The total sum under the resolution plan is Rs 8.97 billion, of which Rs 8.10 billion will go to secured financial creditors.

The admitted claims of secured financial creditors as of November 2022 were approximately Rs 27.09 billion.

Dilip Oommen, Executive Vice President, ArcelorMittal, commented on the NCLT's approval, stating that the acquisition would strengthen downstream capabilities and widen the product line as the company seeks to take advantage of market opportunities provided by the steel industry, particularly in high value-added steel production.

ISC is a steel processing business comprising cold-rolled, galvanised, and colour-coated activities. It can produce 600,000 tonne of cargo annually.

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