JSW Steel and Tata Steel are fighting to claim the top slot by building new capacities and scooping up sick assets.

ArcelorMittal, one of the two bidders who had submitted the bid in the first round, says it doesn't mind fresh bids.

Numetal and ArcelorMittal, the only two bidders for Essar Steel, were found to be ineligible under Section 29 A of the amended IBC which bars promoters of defaulting firms and also related parties from buying out stressed assets being put up for auction to recover bad loans of banks.

When the UK-based Liberty House questioned the rejection of its bid for Bhushan Power and Steel, the promoter holding firm of Binani Cement challenged the liquidation value set by Interim Resolution Professional (IRP).

After six months long painstaking insolvency proceedings and due diligences, the Rs 43,000 crore debtor Essar Steel has received just two bids--- from ArcelorMittal and Numetal Mauritius--- on Monday.

The deadline for submitting bids for the beleaguered Essar Steel, put up for sale under Insolvency and Bankruptcy Code (IBC), ends today and it's reportedly looking like a tug of war between the Ruias and L.N. Mittal, though Tata Steel is also expected to enter the fray.

While ArcelorMittal, Tata Steel and Vedanta draw plans to buy Essar Steel, the Ruia family, too, is looking for a backdoor entry. Can it succeed?

Corporate czars are looking to acquire stressed assets of India's dozen big defaulters. A look at what that means for industry and banks.

As debt hits Rs 1.38 lakh crore, the Ruias are looking to recast the group once again.

If global history is any indication, it is high time for India to think out of the box or borrow tested global models. Many experts feel that setting up a bad bank will be a bold and radical idea.

93 per cent of Cairn India equity shareholders favoured the merger in voting done on September 9.  The merger with Vedanta is expected by the end of this fiscal year, Cairn India said in a statement.

Anil Agarwal's Vedanta Group had in 2011 acquired Cairn India from its British promoters, Cairn Energy Plc, and last year proposed to merge the cash-rich firm with BSE-listed Vedanta Ltd.

The S&P BSE Sensex ended the day at 27,079.51 level, up 233.70 points, while broader 50-share Nifty index closed 60.35 points up at 8,189.70.

\"The aspiration is to do an ADR (American depository receipts) issue. It will be our first such issue. It helps the profile of the bank and more diverse investors can come in\", bank's president for financial markets Jaideep Iyer said.

Banking stocks remained under pressure on Friday after the Reserve Bank of India's (RBI) stress tests surprisingly showed private banks are likely to see a significant rise in bad loans.

Vedanta Group CEO Tom Albanese said: \"The name change from Sesa Sterlite to Vedanta Ltd promises a united and aligned identity, Vedanta, which positions us to create greater value for our domestic and global stakeholders\".

Corporate India's borrowings have more than doubled in the past four years. Its debt woes in the midst of a slowing domestic economy have far-reaching consequences.

With a market capitalisation of Rs 70,309 crore, the government's 29.54 per cent stake in Hindustan Zinc would fetch about Rs 20,770 crore.