Construction Infrastructure
ArcelorMittal seeks EU approval to buy Sanjeev Gupta’s French steel mills
ArcelorMittal SA is seeking approval from EU regulators after it made a bid to buy French steel assets from troubled tycoon Sanjeev Gupta.
According to European Commission documents, steel giant Liberty Steel is planning to buy a majority of shares in France Holding SAS, which owns the Escoval and Heinz plants.
The mills sought creditor protection in April amid a financial crunch in Gupta’s GFG Alliance, which owns the assets.
Gupta is struggling to refinance his metals empire following the collapse of his biggest lender Greensil Capital.
GFG is now the target of a UK investigation into possible fraud and money laundering, which thwarted an attempt from White Oak Global Advisors LLC to secure new working capital for its British businesses.
A spokesperson for ArcelorMittal confirmed that it had bid for the properties and said it planned to invest in them.
A spokesperson for Liberty Steel, GFG’s steel arm, said it was taking “prudent steps to explore sale options for these businesses” after they faced “a significant reduction in working capital support since the collapse of Greensill Capital.”
News Source: ConstructionWorld
Construction Infrastructure
The Adani Enterprises unit has received a letter of approval for an NH project in Maharashtra
Adani Road Transport Ltd (ARTL), a wholly owned subsidiary of Adani Enterprises, has received LoA for a project involving six laning of Kagal-Satara section of NH-48 (old NH4) in Maharashtra. The project will be executed under the Bharatmala Pariyojana at ₹2,008.47 crores. The construction period for the 67-km long road project is expected to be 2 years from the date of appointment and the concession period will be 18 years.
With this project award, Adani’s road portfolio will have total 14 projects with more than 5,000 lane km with asset value exceeding ₹41,000 crore spread across India.
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