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The Mumbai bench of NCLT approved the Rs 897-crore resolution plan of AM Mining India Private Limited, a joint venture between Arcelor Mittal and Nippon Steel Corporation, to acquire Indian Steel Corporation, a Surat-based steel manufacturer.
The National Company Law Tribunal approved AM Mining India's ₹4,050 crore bid to acquire stressed steelmaker Uttam Galva Steel. The acquisition is ArcelorMittal's third through India's insolvency process.