You are here: Home » Companies » News
Business Standard

Bankruptcy court clears ArcelorMittal's takeover of Essar Steel: TV Reports

The National Company Law Tribunal (NCLT) approved steel giant ArcelorMittal SA's takeover bid for debt-ridden Essar Steel.

Reuters  |  New Delhi 

ArcelorMittal, JSW Steel and Essar Steel continue slugfest over Essar bid

The National Company Law Tribunal (NCLT) approved steel giant ArcelorMittal SA's takeover bid for debt-ridden Essar Steel, television channels reported on Friday.

ArcelorMittal, which has been engaged in a drawn-out attempt to acquire since 2017, had made Rs 42,000 crore bid for the bankrupt Indian steelmaker.

"We welcome today's pronouncement by the Ahmedabad. While we will need to review the full written order once it becomes available, we hope to complete the transaction as soon as possible," said ArcelorMittal in a statement.

First Published: Fri, March 08 2019. 18:43 IST
RECOMMENDED FOR YOU