Essar Steel India Limited

ArcelorMittal completed the acquisition of Essar Steel India Limited and formed a joint venture with Nippon Steel called ArcelorMittal Nippon Steel India Limited, with ArcelorMittal holding 60% and Nippon Steel 40%.

ArcelorMittal India Private Limited's resolution plan for Essar Steel India Limited was unconditionally approved by the Supreme Court of India, with completion expected before the end of 2019.

ArcelorMittal submitted a revised proposal to acquire Essar Steel India Ltd for about Rs 420 billion, upstaging a rival bid, plus Rs 70 billion to clear dues of Uttam Galva and KSS Petron. The bid represents unprecedented value to creditors.

ArcelorMittal signed a joint venture formation agreement with Nippon Steel & Sumitomo Metal Corporation to jointly acquire Essar Steel India Limited. The bid was submitted on February 12, 2018.