Essar Steel

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%.

ArcelorMittal won a bid to acquire debt-laden Essar Steel for over Rs42,000 crore, with an additional Rs8,000 crore capital injection. The Committee of Creditors issued a Letter of Intent on October 19, 2018, declaring ArcelorMittal the successful applicant.