What makes Essar steel sector’s comeback kid amid insolvency proceedings

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What makes Essar steel sector’s comeback kid amid insolvency proceedings

The $5.7-billion acquisition that closed after an 865-day-long saga was the largest private sector transaction in India in 2019 and the second-largest steel transaction globally that year

Topics


Essar Steel | Essar | Insolvency and Bankruptcy Code

Essar Steel was admitted for insolvency proceedings in August 2017.

Apart from being the most successful cases under the IBC, Bhushan Steel and Essar Steel are among the best steel assets in the country. They also ended up helping their lenders get back a significant chunk of the money while allowing Tata Steel to consolidate its position and giving the world’s two largest steel makers — ArcelorMittal and Nippon Steel — a strong foothold in India. A significant contrast was the pace at which these two cases were resolved under the bankruptcy code

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First Published: Tue, June 14 2022. 06:01 IST

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