Lakshmi Mittal: ArcelorMittal’s takeover bid for debt-ridden Essar Steel approved by NCLT Ahmedabad

ArcelorMittal has been trying to enter India’s fast-growing steel market, which is dominated by local companies, for over a decade but bureaucratic hassles and land acquisition woes stifled its bids. “We welcome today’s pronouncement by the NCLT Ahmedabad,” ArcelorMittal said in a statement. “We hope to complete the transaction as soon as possible.

The case between ArcelorMittal and the Ruia family reached the Supreme Court in January, with Essar’s debt resolution process lasting around 600 days in total. ArcelorMittal said in October the company would pay a total of 420 billion rupees ($5.73 billion) towards Essar Steel’s debt and put another 80 billion rupees into operations and profitability.

Share this to your,

Leave a Reply

Your email address will not be published. Required fields are marked *