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ArcelorMittal to acquire Essar Steel after NCLT approval · Endata

◂ Announcements

Mar 8, 2019ACQUISITIONHazira, Gujarat, India

ArcelorMittal to acquire Essar Steel after NCLT approval

The National Company Law Tribunal approved ArcelorMittal's ₹42,000 crore resolution plan to acquire debt-ridden Essar Steel, which operates a 10-million-tonne steel mill at Hazira, Gujarat. The deal gives ArcelorMittal control of the facility, with lenders taking a haircut of about 14%.

Value

$6.00B (420.0B INR)

Status

Announced

Capacity

10 million tonnes per year

Productssteel

CompaniesArcelorMittal acquirer Essar Steel target

Sectors#Steel and Metal Products

“After a protracted legal battle, the National Company Law Tribunal (NCLT), Ahmedabad, on Friday approved a ₹42,000 crore resolution plan of global steel magnate ArcelorMittal to take over the debt-ridden Essar Steel in Gujarat.”thehindu.com

1 source
thehindu.comArcelorMittal to take over debt-ridden Essar Steel - The HinduMahesh LangaMar 8, 2019

Summarized from public sources; check the original articles before acting on it.

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