ArcelorMittal will jointly own and operate ESIL in partnership with Nippon Steel Corporation
The Indian Supreme Court has unconditionally approved ArcelorMittal’s bid for a resolution plan for Essar Steel India Limited.
The steel giant announced the news in a press release on Monday, explaining the green light for its AMIPL subsidiary marked the final procedural step in ESIL’s corporate insolvency process. The transaction is expected to be completed before the end of the year.
“After completion, ArcelorMittal will jointly own and operate ESIL in partnership with Nippon Steel Corporation (‘Nippon Steel’), Japan’s largest steel producer and the third largest steel producer in the world, in-line with the joint venture formation agreement signed by the two companies,” the firm said.