ARCELORMITTAL EN­TERS INTO JV WITH NIPPON STEEL IN BID TO AC­QUIRE ESSAR STEEL

Marwar - - All Things [ Great And Small ] -

UK-based steel be­he­moth, ArcelorMittal has re­port­edly en­tered into a joint ven­ture with Nippon Steel and Su­mit­omo Corp (NSSMC) of Ja­pan in its bid to ac­quire the debt-stricken, Gu­jarat-based Essar Steel which is cur­rently un­der­go­ing pro­ceed­ings un­der the In­sol­vency and Bankruptcy Code (IBC). ArcelorMittal’s In­dian sub­sidiary, ArcelorMittal In­dia Pvt Ltd, is said to have sub­mit­ted a res­o­lu­tion plan on Fe­bru­ary 12, to­wards its in­ten­tion to join hands with NSSMC for the ac­qui­si­tion. If the res­o­lu­tion plan is se­lected and ac­cepted by the Na­tional Com­pany Law Tri­bunal (NCLT), the JV part­ners would ac­quire and man­age Essar Steel, with ArcelorMittal as the ma­jor­ity part­ner. ArcelorMittal and Numetal Mau­ri­tius are the two bid­ders for Essar Steel, which is said to have a pro­duc­tion ca­pac­ity of 10 mil­lion tonnes of steel per an­num.

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