Mergers and acquisitions beyond a certain threshold require the approval of the Competition Commission of India (CCI), which keeps a tab on unfair business practices across sectors.
The UK-based steel major had won both assets in July and according to the resolution plan, was expected to pay lenders Rs 4,810 crore by October
The assets are the final part of a divestment package the Luxembourg-headquartered company agreed with the European Commission (EC) during its merger control investigation into ArcelorMittal's acquisition of Ilva SpA.
Tata Steel had moved NCLAT in April against the decision to consider Liberty House's bid. Separately, JSW Steel's bid got more than 90 percent of the votes of lenders
The four assets are part of a divestment package that ArcelorMittal agreed with the European Commission (EU) related to its acquisition of Ilva SpA (Ilva), it said.
The UK based company has won the bidding war for two companies — Amtek Auto and Adhunik Metaliks — and still is in the race for two other companies Bhushan Power & Steel and ABG Shipyard.
Tata Steel’s offer stood at Rs 17,000 crore and Liberty House’s bid was retained at Rs 18,500 crore
To invest $1 billion in the next one year in acquisition of more assets.
Earlier this week, lenders had favoured Tata Steel’s bids citing ‘lack of commitment’ for Liberty’s bid
Tata Steel, a BPSL bidder said to be leading the race, had yesterday moved the plea challenging the NCLT (National Company Law Tribunal) ruling allowing the Committee of Creditors (CoC) to consider the resolution plan submitted by Liberty House.
While it is protesting the late entry of Liberty House in the auction of Bhushan Power & Steel, Tata Steel is facing labour trouble in the case of Bhushan Steel
Tata Steel petition is scheduled to be heard tomorrow before a NCLAT bench headed by Chairman Justice S J Mukhopadhaya.
ArcelorMittal, which was initially interested in Essar Steel & Bhushan Steel, decided to focus just on the former after Aditya visited its Gujarat facility
The National Company Law Tribunal (NCLT) has asked BPSL lenders, led by PNB, to consider the bid submitted by Liberty House for the debt-ridden company. It owes about Rs 45,000 crore to the lenders.
"India is a huge market, it's a sleeping giant. We are very focused on growing our downstream footprint in India," chief executive Douglas Dawson told Reuters on the sidelines of an aluminium conference in London.
The company's statement came a day after National Company Law Tribunal (NCLT) directing the Committee of Creditors (CoC) to consider the bid of Liberty House for the debt ridden firm.
Allowing the plea of Liberty House, the tribunal has directed the committee of creditors (CoC) to complete its resolution proceedings by June 23.
Tata Steel says Liberty House appeal should be dismissed prima facie but NCLT judge disagrees.
The company is appealing against the rejection of its bid for Bhushan Power & Steel
Stating that the bid of Liberty House was submitted before the bids for Bhushan Power and Steel were opened, the company said that nothing unfair has happened.
After successfully turning around and acquiring businesses in the UK and Australia, the billionaire entrepreneur is back in his home country
If its bid is successful, Liberty House will invest USD 10 billion in India over five years
Bhushan Steel and Power was among the 12 non-performing accounts referred by the Reserve Bank of India for National Company Law Tribunal (NCLT) proceedings.
The group, which formally completed its 100 million pound ($129 million) purchase on Tuesday, said it would invest 20 million pounds in the business in the first year, and raise production at its electric arc furnaces to more than 1 million tonnes.
Tata Steel has finally sealed the deal to sell some of its assets in Europe. Its specialty steel business has been sold to Liberty House for 100 million pound.