# 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%.

- Type: Acquisition
- Announced: 2019-03-08
- Where: Hazira, Gujarat, India
- Value: $6.00B (420.0B INR)
- Status: announced
- Capacity: 10 million tonnes per year
- Products: steel
- Sectors: [Steel and Metal Products](https://endata.com/sectors/steel-metal-products.md)

## Companies

- [ArcelorMittal](https://endata.com/companies/292.md) (acquirer)
- [Essar Steel](https://endata.com/companies/35149.md) (target)

## Sources

- [thehindu.com](https://www.thehindu.com/business/arcellormittal-granted-approval-for-takeover-of-essar-steel/article26472396.ece), 2019-03-08: "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."

---
Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.