Business Mantra News
Top most Business tycoons Laxmi Mittal and Anil Aggarwal are in queue of bidding for more than $ 26 billion assets of Indian Insolvent Steal Companies.
Surging steel prices and upcoming New Insolvency law have set the path for various business tycoons and battle arose between these tycoons and producers.
It is noted that six steel companies including Essar Steel India Ltd. Bhushan Steel Ltd. becomes debt ridden and insolvency proceeding have been initiated against these groups.
Creditors are looking for the approval of the India’ s New Bankruptcy Courts to sell all assets of the insolvent steel companies to mitigate their loans.
Lakshmi Mittal, head of the world’s largest maker of the Steel and Alloys, and fellow billionaire Anil Agarwal are competing for control of Essar Steel India Ltd. as per the informed sources.
Japan’s and India’s biggest producers expressed their interest in Debt-burdened Bhushan Steel Ltd., told in an anonymous call, who asked not to be identified because the information to be kept private.
Many business tycoons and creditors are also interested to bid for Monnet Ispat & Energy Ltd. as prices of the material soar and creditors embark on the first significant test of a bankruptcy law that was intended to encourage asset sales. Several deep-pocketed suitors have made expressions of interest for the Indian mills and some have already submitted bids for a series of deals with deadlines around year-end, according to the people.
If these stressed steel companies are run/re-run by expert and experienced persons, Indian Steel industry may again come on the path of revival.