ArcelorMittal will close the acquisition of Essar Steel to the end of the year
the Completion of the acquisition of the largest steel company in the world bankrupt Indian competitor to be implemented before the end of the year. About it on Monday have informed in the press service of ArcelorMittal.
After ArcelorMittal will jointly own and operate Essar Steel (ESIL), in partnership with Nippon Steel Corporation (Nippon Steel), the largest steel producer in Japan and third largest steel producer in the world, in accordance with the agreement on joint venture signed by the two companies.
Earlier it was reported that after receiving and reviewing a formal written order, the restructuring plan proposed by ArcelorMittal India Private Limited (AMIPL) for Essar Steel was unconditionally approved by the Supreme court of India. The approval of the Supreme court of the settlement plan is the final procedural step of the bankruptcy process ESIL.