The recent Supreme Court ruling is a step in the direction of countering the massive non-performing loan problem faced by the Indian banking sector. Doing business in India just got easier. In a landmark judgment, the Indian Supreme Court has ruled that the Committee of (secured) Creditors (CoC) will have the final say of distribution of funds in all insolvency cases under the Insolvency and Bankruptcy Code (IBC), India’s new fast track corporate resolution process. The case Arcelor Mittal, the [...]
An oil and gas expert dives into what Essar’s acquisition of BP assets means for the company's plans for the UK market. When the Essar group purchased the Stanlow Manufacturing Complex from Shell in 2011, they immediately put in place a strategy to build a sustainable and profitable future for the UK business. Stanlow had been run by its previous owner as a cost centre, but Essar’s clear objective was to run the refinery as a profit centre, investing for [...]
S. Thangapandian, Chief Executive Officer of Essar Oil UK, takes time out for ‘India Global Business’ to explain why the company is investing heavily in its Stanlow Refinery in Britain and the story behind turning a loss-making unit into a promising asset. What are the company's investment plans for the UK? Essar Oil (UK) Ltd, which owns and operates the Stanlow Refinery, will be investing further $250 million in the refinery. We have already invested over $800 million to turn [...]
There has been a flurry of activity among Indian companies operating in the UK and the wider European Union trading bloc. With the June 23 referendum on the UK’s membership of the EU edging closer, some of these deals may well be impacted.