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