ArcelorMittal keen to expand presence in India, govt assures full support

Global steel major ArcelorMittal is keen to expand its presence in India, Steel Minister Dharmendra Pradhan said on Saturday.

Pradhan, who met ArcelorMittal Chairman and CEO Lakshmi Niwas Mittal here, assured him of full support to leverage the country's large market.

The meeting comes a day after ArcelorMittal initiated payment of Rs 42,000 crore for acquiring debt-laden Essar Steel, which it had won in an insolvency process.

"Had a fruitful meeting with Mr. Lakshmi Niwas Mittal, Chairman & CEO of ArcelorMittal @ArcelorMittal. We had wide ranging discussions on ways to boost domestic steel production through technology upgradation & attracting more investments in the steel sector, " Pradhan said in a tweet.

In another tweet, the minister said ArcelorMittal is keen to expand its presence in India and he has assured the company of full support and cooperation to help leverage India's large and diverse market, rising demand and investor friendly regime.

The decks for acquisition of Essar Steel by the L N Mittal-led company were cleared by the Supreme Court last month.

Essar Steel was auctioned under the new Insolvency and Bankruptcy Code to recover Rs 54,547 crore of unpaid dues of financial lenders and operational creditors.