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ArcelorMittal Wins Bid To Acquire Debt-Laden Essar Steel For Over Rs 42,000 Crore

New Delhi: Lakshmi Mittal-led ArcelorMittal said that it has won a bid to acquire debt-laden Essar Steel for over Rs 42,000 crore, a deal that will help fulfil the world’s largest steel maker and NRI billionaire’s long-time ambition of having an India mill.

A committee of Essar Steel creditors picked ArcelorMittal on October 25, a day when the Ruia family offered to pay lenders Rs 54,389 crore including Rs 47,507 crore in upfront cash to clear all their dues in a last-ditch effort to avert losing their flagship company.

In a statement, ArcelorMittal said its resolution plan for Essar Steel, which the lenders auctioned to recover over Rs 49,000 crore of unpaid loans, includes “an upfront payment of over Rs 42,000 crore” to settle debt and “a further Rs 8,000 crore of capital injection into the company to support operational improvement, increase production levels and deliver enhanced levels of profitability”.

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IATA Says, India Will Become World’s Third Largest Aviation Market Around 2024

New Delhi: Global airlines’ body IATA said that India will become the world’s third largest aviation market around 2024 surpassing the United Kingdom. It projected total air passenger numbers to touch 8.2 billion in 2037.

Releasing the latest update to IATA’s 20-year Air Passenger Forecast, the grouping also cautioned that growth prospects for air transport and the economic benefits driven by aviation could be curtailed if protectionist measures are implemented by governments.

The present trends in air transport suggest passenger numbers could double to 8.2 billion in 2037, the International Air Transport Association (IATA) said.

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Kraft Heinz To Sell Part Of Indian Business And Brands Like Complan And Glucon D For Rs 45.95 bn

New Delhi: At a time when Indian consumers are demanding healthier, sugar-free alternatives, Kraft Heinz Co will sell part of its Indian business, including brands such as malt-based drink Complan and energy drink Glucon-D for Rs 45.95 billion ($627.18 million).

Indian pharmaceutical and consumer products company Zydus Wellness Ltd and its parent Cadila Healthcare Ltd will jointly buy the assets to expand their portfolio to also include brands such as talcum powder Nycil and clarified butter, Sampriti Ghee, the companies said in a statement.

Complan, along with GlaxoSmithKline’s health drinks brands Horlicks, was very popular until about a decade ago, when consumers used these products for supplemental nutrition along with milk. Their popularity has since waned, with sales growth slipping, as consumers grew wary of the sugar content in these products and the health claims made by these brands.

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Troubled Jet Airways Approaches Banks For A Moratorium On Loans, Seeks Fresh Funds

New Delhi: Jet Airways India Ltd. has approached banks for a moratorium on loans and asked for fresh funds to ease a cash crunch clearly indicating the carrier is sliding deeper into trouble.

The airline has already grounded about a dozen planes as part of a review of its network aimed at reducing unprofitable domestic routes, said one of the people, who asked not to be identified because the plans aren’t public. The Mumbai-based carrier is also studying laying off more employees in non-core areas, the person said.

The moves show India’s biggest full-service carrier -- unprofitable in nine of the past 11 years -- is struggling for survival as two-cent fares in one of the world’s most expensive places to buy jet fuel negate the gains from a surge in domestic passenger numbers. Indian banks, having suffered setbacks from lending previously to failed Kingfisher Airlines, had earlier rebuffed Jet Airways with their reluctance to extend additional loans to the company.

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Uber And Ola Go On Strike Demanding Higher Fares In View Of Rising Fuel Costs

New Delhi: Strike by hundreds of drivers for ride-hailing giant Uber and its local rival Ola has brought the city standstill. They went on strike in the two biggest Indian cities, Delhi and Mumbai demanding higher fares to meet rising fuel costs that are eating away at their incomes.

Fuel prices in India have risen more than 20 percent since the start of the year but drivers say fares have not grown at the same rate, making it difficult for them to meet expenses despite working longer hours.

“The companies don’t understand the issues drivers face ... they have reduced fares when they should be paying a higher rate,” said Sunil Borkar, secretary at Mumbai taxi drivers’ union Maharashtra Rajya Rashtriya Kamgar Sangh.