Home >Companies >News >ArcelorMittal says it has completed acquisition of Essar Steel
(Photo: Bloomberg)
(Photo: Bloomberg)

ArcelorMittal says it has completed acquisition of Essar Steel

  • ArcelorMittal forms joint venture with Nippon Steel to operate Essar Steel; Aditya Mittal to be chairman of JV
  • The deckS for acquisition of Essar Steel for 42,000 crore by L.N. Mittal-led company was cleared by the Supreme Court last month

New Delhi: 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 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.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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