• Friday, March 29, 2024

Business

India’s GAIL, GETCO Move NCLT Against ArcelorMittal Bid For Essar Steel

Both, GAIL and GETCO in their separate interlocutory petitions in the Ahmedabad bench of NCLT said that they have claims of more than Rs 18bn against Essar Steel India, which are yet to be cleared by the concerned (Photo: JEAN-CHRISTOPHE VERHAEGEN/AFP/GettyImages).

By: Radhakrishna N S

India’s natural gas giant, GAIL and Gujarat Energy Transmission Corp (GETCO) in two separate petitions before the National Company Law Tribunal (NCLT) sought to reject ArcelorMittal’s plan to acquire EssarSteel for Rs 420 billion (£4.56bn). The duo has stated in the petition that the operational creditors of the debt-ridden Essar Steel have been left out in the takeover plan of ArcelorMittal to acquire the steel firm. In October 2018, a committee of Essar Steel’s creditors approved ArcelorMittal’s Rs 420bn proposal to acquire Essar Steel by paying Rs 419.87bn out of the total dues of Rs 493.95bn of creditors. Under the plan, the operational creditors…

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