Skip to content
Search

Latest Stories

ArcelorMittal’s Essar Steel Win May Cause India’s Gujarat State To Lose £121 Million

India’s Gujarat state government is likely to lose around Rs 11.5 billion (£121.14 million) if country’s National Company Law Tribunal (NCLT) upholds the committee of creditors recommendation to move ahead with ArcelorMittal’s resolution plan to acquire debt-ridden Indian firm Essar Steel, said a Mint report.

These dues are categorised as operational creditors and ArcelorMittal’s proposal doesn't facilitate or make any provision for the payment to such creditors, the report in the financial daily said.


The steel firm, Essar Steel owes around Rs 11.5bn to many Gujarat state government firms including Rs 8.72bn to Gujarat Energy Transmission Corporation.

According to the details obtained from the resolution plan, the dues pertain to various government agencies of the Gujarat state such as the electricity department, sales tax department, local authorities, and others.

According to the resolution plan submitted for the acquisition of Essar Steel, the plan proposes an upfront payment of Rs 420bn to the lenders.

In addition to it, the plan proposes Rs 80bn towards capital expenditure. The total admitted claims of operational creditors is around Rs 49.95bn. ArcelorMittal has offered to settle it at Rs2.14 bn.

Meanwhile, Gujarat government officer said the concerned are aware of the issues and will soon decide on the necessary steps required to be taken.

More For You

Jio Platforms

Jio Platforms includes India’s largest telecom operator, Reliance Jio Infocomm, with more than 500 million users. (Photo: Reuters)

Reuters

Jio IPO planned for mid-2026, AI unit announced with Meta and Google

RELIANCE Industries plans to take its telecom and digital arm, Jio Platforms, public by mid-2026, chairman Mukesh Ambani said on Friday. The announcement sets a new timeline for the long-awaited IPO of a business analysts value at over $100 billion.

At its annual general meeting (AGM), Reliance also announced the launch of an artificial intelligence unit in partnership with Google and Meta.

Keep ReadingShow less
Asda tech overhaul

Asda sales fell 0.2 per cent in the three months to June 30, 2025 (AFP via Getty Images)

AFP via Getty Images

Asda boss hails tech overhaul as key to revival despite sales slump

THE chairman of Asda has admitted the supermarket chain still faces challenges after sales slipped again over the summer, but said the completion of a major IT overhaul was crucial for its recovery.

Allan Leighton told the Times that the long-delayed technology project, called Project Future, had finally been finished after years of setbacks and costs exceeding £1 billion. The work involved separating more than 2,500 systems inherited from former owner Walmart, following Asda’s 2021 takeover by TDR Capital.

Keep ReadingShow less
JLR-Getty

A logo is pictured outside a Jaguar Land Rover new car show room in Tonbridge, south east England. (Photo: Getty Images)

Getty Images

UK car exports to US rebound after trade deal

UK VEHICLE exports to the United States rose in July after a new trade deal between London and Washington reduced tariffs, industry data showed on Thursday.

According to the Society of Motor Manufacturers and Traders (SMMT), exports increased 6.8 per cent in July to nearly 10,000 units, following three consecutive months of decline.

Keep ReadingShow less
Relatives of jailed Briton appeal to UK minister in AgustaWestland row

Christian Michel

Relatives of jailed Briton appeal to UK minister in AgustaWestland row

THE family of Christian Michel, the British businessman accused of acting as a middleman in the AgustaWestland VVIP helicopter deal, has appealed to the UK government to push for his release from Delhi’s Tihar Jail.

Michel’s relatives met Foreign Office minister Catherine West in London on Tuesday (26). The Foreign, Commonwealth and Development Office (FCDO) said the minister listened to their concerns and updated them on ongoing steps being taken.

Keep ReadingShow less
Blackburn loses Issa empire as brothers move EG Group to US

Zuber and Mohsin Issa (Photo: LDRS)

Blackburn loses Issa empire as brothers move EG Group to US

ASIAN entrepreneurs Mohsin and Zuber Issa are moving the headquarters of their global forecourt company, EG Group, from Blackburn to the US in preparation for a major stock market listing in New York.

The firm confirmed that its main office will relocate to Charlotte, North Carolina, while a new base in Bolton, Greater Manchester, will handle its remaining UK operations, the Telegraph reported. The change brings an end to almost 25 years of the company being run from Blackburn.

Keep ReadingShow less