Construction Industry News
Indian Steel Corporation (ISC), a downstream unit headquartered in Gujarat, has had its resolution plan approved 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 expects to put the recently approved resolution plan into practice in due course.
On April 13, the NCLT issued the directive. The total amount under the resolution plan is Rs 8.97 billion, of which Rs 8.10 billion will go to secured financial creditors.
The permitted claims of secured financial creditors as of November 2022 amounted to approximately Rs 27.09 billion.
Commenting on the NCLT's approval, Dilip Oommen, Executive Vice President, ArcelorMittal, stated that the acquisition would strengthen downstream capabilities and broaden the product line as the company seeks to capitalize on the market opportunities offered by the steel industry, particularly in high value-added steel production.
ISC is a steel processing company consisting of cold-rolled, galvanized and colored activities. It can produce 600,000 tons of cargo annually.
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