ArcelorMittal set to close Rs 42,000-cr Essar Steel deal next week

Essar Steel will be jointly owned and operated by ArcelorMittal and Nippon Steel Corporation

ArcelorMittal is set to close its Rs 42,000-crore transaction with the Essar Steel lenders next week.  For the world’s largest steel maker, the timeline of one month for the full payment ends on Monday. Lenders as well as other sources close to the development said the payment could be made by that day.  

The funds are in a State Bank of India (SBI) account and will be distributed to financial creditors and operational creditors on Monday, a lender said.

ArcelorMittal didn’t comment on the matter. Last month, in a statement, the company had said it hoped to close the transaction