-
ALSO READ
India to be net exporter of steel in the next 3 years: Dharmendra Pradhan
In a weak market, homecoming costs Lakshmi Mittal Rs 49,670 crore
Pradhan urges steelmakers to adopt green practices, boost production
ArcelorMittal initiates Rs 42,000 cr payment for Essar Steel acquisition
ArcelorMittal to shut down steel plant in South Africa, lay off 1000
-
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.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU