ArcelorMittal completes acquisition of Essar Steel, forms joint venture with Nippon Steel

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December 16, 2019 6:16 PM

The deck for acquisition of Essar Steel for Rs 42,000 crore by L N Mittal-led company was cleared by the Supreme Court last month.

arcelormittal india, arcelormittal essar steel, arcelormittal steel, arcelormittal steel plant in india, arcelormittal steel indiaThe deck for acquisition of Essar Steel for Rs 42,000 crore by L N Mittal-led company was cleared by the Supreme Court last month.

Global steel giant ArcelorMittal on Monday said it has completed acquisition of Essar Steel and formed a joint venture with Nippon Steel (AM/NS India) to own and operate the debt-ridden firm. The deck for acquisition of Essar Steel for Rs 42,000 crore by L N Mittal-led company was cleared by the Supreme Court last month.
Aditya Mittal, President and CFO of ArcelorMittal, has been appointed Chairman of AM/NS India, and Dilip Oommen has been appointed as its CEO.

“ArcelorMittal announces that it has today completed the acquisition of Essar Steel India Limited (ESIL), and simultaneously established a joint venture with Nippon Steel Corporation (Nippon Steel), called ArcelorMittal Nippon Steel India Limited (AM/NS India), which will own and operate ESIL,” ArcelorMittal said in a statement.
ArcelorMittal holds 60 per cent of AM/NS India, with Nippon Steel holding the balance.

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