NCLT approves AM Mining resolution plan for Indian Steel Corporation
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ArcelorMittal India, on Monday, said that the National Company Law Tribunal (NCLT) had approved AM Mining India’s resolution plan for Indian Steel Corporation (ISC), a Gujarat-based downstream unit. AM Mining is a subsidiary of ArcelorMittal India (AMIPL) and part of the ArcelorMittal and Nippon Steel joint venture.
In a statement, AMIPL said that it looks forward to implementing the recently passed resolution plan in due course.
The NCLT passed the order on April 13. The total amount under the resolution plan is Rs 897 crores, out of which the secured financial creditors would receive Rs 810 crores.
According to information available on the ISC website, the admitted claims of secured financial creditors as on November 2022 was around Rs 2709 crore.
Commenting on the NCLT approval, Dilip Oommen, executive vice president. ArcelorMittal, said that the acquisition would enhance downstream capabilities and broaden the product portfolio as the company looks to capitalise on market opportunities presented by the steel industry, especially in high value-added steel production.
“It will also lead to synergies across our downstream operations,” he said.
ISC is a steel processing company with operations spanning cold-rolled, galvanised, and colour-coated. It has an annual capacity of 600,000 tonnes per annum.
The port-based facility specialises in manufacturing value-added steel products that cater to the automotive, construction, home appliance, and general engineering sectors.
With an established OEM customer base, the plant also has a service centre within its premises said, the statement read.
The ISC acquisition comes after the Uttam Galva Steels buy last year under the Insolvency and Bankruptcy Code (IBC). Uttam Galva Steels, also a downstream steel manufacturer, has its manufacturing facilities at Khopoli, with an annual capacity of 1.2 million tonnes per annum.
But the ArcelorMittal and Nippon Steel joint venture is not just expanding downstream capacities through acquisitions. At Hazira, Gujarat, ArcelorMittal Nippon Steel India (AM/NS India), plans to invest $1 billion in downstream facilities to supply to the growing automotive demand.
The investment is part of the larger $7.4 billion AM/NS India’s major expansion which includes scaling upstream capacity to 15 million tonnes at Hazira.
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