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

Anil Agarwal

Vedanta Resources, which is based in the UK and owned by Indian billionaire Anil Agarwal, has been working on reducing its debt. (Photo credit: Getty Images)

Getty Images

Anil Agarwal’s Vedanta Resources signs £438 million refinancing deal

VEDANTA LTD said on Thursday that its parent company, Vedanta Resources, has signed a loan facility agreement worth up to £438 million with international banks to refinance existing debt.

The refinancing move, where old loans are replaced by new ones, often at better terms like lower interest rates, has led ratings agencies such as S&P Global Ratings and Moody's to upgrade their outlook on the company this year.

Keep ReadingShow less
Trump-Getty

Trump said that while deals are being made with some countries, others may face tariffs.

Getty Images

Trump says major trade deal with India may be finalised soon

US PRESIDENT Donald Trump on Friday said a "very big" trade deal could be finalised with India, suggesting significant movement in the ongoing negotiations between the two countries.

“We are having some great deals. We have one coming up, maybe with India. Very big one. Where we're going to open up India," Trump said at the “Big Beautiful Bill” event at the White House.

Keep ReadingShow less
Asda suffers nearly £600m loss as debt and IT costs surge

Asda co-ownerMohsin Issa. (Photo: Asda)

Asda suffers nearly £600m loss as debt and IT costs surge

ASDA, one of Britain’s largest supermarkets, has reported a pre-tax loss of £599 million for 2024, swinging sharply from a £180 million profit the previous year.

The loss comes despite total sales rising by over £1 billion to £26.8bn, as the retailer faces mounting debt costs, falling sales, and spiralling spending on a major IT overhaul, the Telegraph reported.

Keep ReadingShow less
Mounjaro

Mounjaro, or tirzepatide, is part of a new class of weight-loss medications, with trials showing patients losing an average of 20 per cent of their body weight after 72 weeks.

Reuters

Lilly to sell Mounjaro pens in India as Wegovy enters market

ELI LILLY said on Thursday that it has received approval from India's drug regulator to launch pre-filled injector pens of its weight-loss drug, Mounjaro.

The move gives the company more options to compete with Novo Nordisk, which recently launched its weight-loss drug Wegovy in the country.

Keep ReadingShow less
Grant Thornton's Anuj Chande urges UK firms to tap booming India

Anuj Chande

Grant Thornton's Anuj Chande urges UK firms to tap booming India

INDIAN companies are well placed to support the UK’s economic growth, Eastern Eye has been told by Anuj Chande, partner and head of the South Asia Business Group at Grant Thornton.

He was speaking after the publication of Grant Thornton’s India Meets Britain Tracker 2025: The latest trends in Indian investment in the UK, which was released last week. While companies in India need little encouragement to enter the UK market, the reverse is not true.

Keep ReadingShow less