Cuttack (Odisha):Arcelor Mittal/ Nippon Steel (AM/NS) India is preparing to take over the ownership of Odisha Slurry Pileline Infrastructure Ltd.(OSPIL) in Odisha. The 153 -km pipeline infrastructure was developed by the Essar Steel to carry iron ore fines in slurry form from its iron ore beneficiation plant at Dubna in Keonjhar district to its pellet plant in Paradip in Odisha.
The Arcelor Mittal has said in a statement, “Following the approval by NCLT, we now look forward to completing the formalities that will see ownership of the asset transferred to AM/NS India. ”
Arcelor Mittal in partnership with the Japanese steel giant Nippon Steel has recently taken over the steel making assets of Essar Steel for Rs 42,000 crore.
The Cuttack bench of the National Company Law Tribunal (NCLT) has approved ArcelorMittal’s resolution plan for OSPIL Infrastructure (OSPIL). The bench in its order has said, “The resolution plan submitted by ArcelorMittal India, the resolution applicant, approved by 100% voting in the 8th committee of creditors’ meeting held on December 12, 2019 is approved. Accordingly, the same shall be binding on the corporate debtor, its employees, creditors, including central government, any state governments or any legal authority, guarantors and other stakeholders.”
The Arcelor Mittal and Triveni Earthmovers were the two companies who had submitted bids for the Essar Steel’s slurry pipeline asset OSPIL. The committee of creditors (CoC) on December 6, 2019, however, approved the Mittal’s bid by voting 100% in favour.
