Articles tagged under: Essar
March 08, 2019
Ahmedabad: The Ahmedabad bench of National Company Law Tribunal (NCLT) today cleared steel major ArcelorMittal's Rs 42,000 crore resolution plan for debt ridden Essar Stee'sl takeover.
The L N Mittal led ArcelorMittal was trying to acquire bankrupt Essar Steel , which has a 10MTPA steel plant in the western state of Gujarat, since 2017.Committee of Creditors in October last year but was challenged before the National Company Law Appellate Tribunal (NCLAT) which had directed the NCLT Ah...Read More
February 21, 2018
Mumbai: Essar Oilfields Services India Limited (EOSIL) today announced that it has been awarded a Rs 28-crore contract by Gas Authority of India Limited (GAIL) to drill three firm plus two optional wells in Gujarat’s Cambay basin. Drilling for the project is expected to commence in April-May 2018.
Mr Rajeev Nayyer, CEO, EOSIL, said: “This contract is the fourth that we have signed this fiscal with clients like GAIL, ONGC, Oil India and Mercator Petroleum. With projects in the pipeline...Read More
January 08, 2018
Mumbai: Essar Ports Limited (EPL) today said that its investment of over Rs 2,800 crore in its Salaya and Vizag terminal projects has the potential to increase the company’s revenues by 30% in FY2018-19 on the back of third-party cargo growth.
Mr Rajiv Agarwal, CEO-EPL, said: “The two fully integrated and automated facilities at Salaya and Vizag further the goal of port-led development set by the Government of India and our Hon’ble Prime Minister Shri. Narendra Modi. It is also a manife...Read More
December 26, 2017
Essar Oilfields Services (India) Limited (EOSIL) today announced that it has commenced a contract awarded by Mercator Petroleum to drill two firm oil wells and one optional oil well in the Cambay Basin.
With the company commencing a few other drilling contracts in this fiscal, EOSIL is expecting to clock revenues of $48 million in this fiscal.
The Cambay rift Basin, a rich Petroleum Province of India, is a narrow, elongated rift graben, extending from Su...Read More
September 27, 2017
Rajkot: In the month of September this year, top 10 companies of Saurashtra region(excluding Rajkot, Morbi, Surendranagar districts) have paid over Rs 100 crore to State GST.
Reliance Industries has paid Rs 84.86 crore to State GST in September while Rs 1.76 crore as Central GST and Rs 25.78 crore as Inter State GST.
Essar Oil has paid Rs 2.92 crore to State GST, Rs 0.8 to CGST and Rs 28.24 crore as IGST.
Welspun India has paid State GST of Rs 7.45 crore, Gujarat Siddhi Cement has ...Read More
August 21, 2017
Mauritius: The controlling shareholders of Essar Oil Limited (EOL)—Essar Energy Holdings Limited and Oil Bidco (Mauritius) Limited, both companies incorporated and managed under the laws of Mauritius—are pleased to announce the conclusion of the sale of 98.26% of EOL.
Rosneft (through its subsidiary, Petrol Complex Pte. Ltd) has acquired 49.13% stake, and Trafigura-UCP consortium (through Kesani Enterprises Company Limited) has acquired an equal stake. The remaining 1.74% stake continues ...Read More
August 02, 2017
In another major jolt to Essar Steel, the Ahmedabad bench of National Company Law Tribunal (NCLT) today admitted the insolvency petition against it for loan-default filed by lenders State Bank of India (SBI) and Standard Chartered Bank (SCB) whose consortium forms over 90% of the total Rs 45000 crore debt owed by the company of which Rs 32864 crores have been declared as bad loan in March this year.
The tribunal bench, chaired by Justice Bikki Raveendra Babu, in hi...Read More
July 31, 2017
A contract worker of Essar company drowned and died while four others were saved when a boat deployed for the security of its pipeline off Vadinar coast in Devbhoomi Dwarka district in Gujarat sank, police said.
The tug boat, Oscar originally belonging to Kathiwadi shipping company, which was under contract with Essar company for the security and vigil purposes of the pipe line of its Vadinar oil terminal, sank owing to development of a hole in its rear side, PSI of Vadina...Read More
July 17, 2017
Ahmedabad: In a significant judgement for banking sector with regard to recovery of NPA, the Gujarat High Court today rejected the Essar Steel's plea against the Reserve Bank of India (RBI) circular of June 13 asking lender banks to act under Insolvency and Bankruptcy Code against the steel major and 11 other firms each having over Rs 5,000 crore of outstanding loans.
Though the Steel major, which now faces the danger of liquidation for recovery of the loan of SBI, in all likelihood wo...Read More
May 02, 2017
New Delhi: The Supreme Court today rejected Essar Steel plea seeking exemption from payment of electricity dues to the Gujarat Government.
A Bench of the apex court headed by Justice Arjan Kumar Sikri and also comprising Justice Ashok Bhushan, directed payment of Rs 1,038 crore of electricity dues by Essar Steel to the Gujarat Government.
The Essar Steel has already paid around Rs. 500 crore.
The state government had first refused Essar group's claims for duty exemption on electricity i...Read More
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