<p>Economic Times, citing people aware of the matter, reported that AM Mining Pvt Ltd, an affiliate of ArcelorMittal India, is the front runner for acquiring Indian Steel Corporation that was admitted for debt resolution by the bankruptcy court after proceedings were initiated by Bain Capital-Piramal Enterprises backed India Resurgence Asset Reconstruction Company in October 2021. Sources added “The resolution professional Ajay Joshi received four expressions of interest last week from A M Mining Pvt Ltd, Jindal Steel & Power, Metro Global Pvt Ltd and Khandwala Finstock.”</p><p>Indian Steel's verified financial creditors' claim stood at INR 2,704 crore, according to the disclosure made by the RP. Nearly 70% of the company's verified debt has been acquired by India Resurgence ARC from various lenders. Currently, Punjab National Bank holds about 20% of the debt. Its largest lender State Bank of India exited by selling its NR 929 crore debt to India Resurgence ARC for INR 360 crore in 2019, a recovery of 40%</p><p>Indore Madhya Pradesh Indian Steel Corporation was promoted by the promoter of Ruchi Group, the Shahra family, in 2002. Subsequently, Japan's Mitsui & Company acquired a 20% stake in the company. Attempts to recast its debt did not progress and by 2018 it defaulted to lenders</p>
<p>Economic Times, citing people aware of the matter, reported that AM Mining Pvt Ltd, an affiliate of ArcelorMittal India, is the front runner for acquiring Indian Steel Corporation that was admitted for debt resolution by the bankruptcy court after proceedings were initiated by Bain Capital-Piramal Enterprises backed India Resurgence Asset Reconstruction Company in October 2021. Sources added “The resolution professional Ajay Joshi received four expressions of interest last week from A M Mining Pvt Ltd, Jindal Steel & Power, Metro Global Pvt Ltd and Khandwala Finstock.”</p><p>Indian Steel's verified financial creditors' claim stood at INR 2,704 crore, according to the disclosure made by the RP. Nearly 70% of the company's verified debt has been acquired by India Resurgence ARC from various lenders. Currently, Punjab National Bank holds about 20% of the debt. Its largest lender State Bank of India exited by selling its NR 929 crore debt to India Resurgence ARC for INR 360 crore in 2019, a recovery of 40%</p><p>Indore Madhya Pradesh Indian Steel Corporation was promoted by the promoter of Ruchi Group, the Shahra family, in 2002. Subsequently, Japan's Mitsui & Company acquired a 20% stake in the company. Attempts to recast its debt did not progress and by 2018 it defaulted to lenders</p>
