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Gruelling battle for 865 days: The making of Rs 42,000-cr Essar Steel deal

Getting to this point wasn't easy. The road was riddled with challenges as much for ArcelorMittal as it was for stakeholders

Ishita Ayan Dutt  |  Kolkata 

Aditya Mittal, president and chief financial officer, ArcelorMittal, and chairman, ArcelorMittal Nippon Steel India (AM/NS India), was struck by the potential of Essar Steel’s Hazira plant on his very first visit in November 2017. To make the deal happen, Mittal fought a gruelling battle — in courts and outside — for 865 days.

Finally, Essar Steel was bagged under India's new insolvency law, in Rs 42,000-crore deal mid-December with secured financial creditors recovering around 90 per cent. There is no let-up in Mittal's excitement. Today, I remain ...

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First Published: Sun, December 29 2019. 21:03 IST
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