ArcelorMittal, Nippon Steel Complete Acquisition Of Essar Steel
Global steel giant ArcelorMittal on Monday said it has completed acquisition of Essar Steel and formed a joint venture with Nippon Steel to own and operate the debt-ridden firm.
The deck for acquisition of Essar Steel for Rs 42,000 crore by LN Mittal-led company was cleared by the Supreme Court last month.
Aditya Mittal, President and Chief Financial Officer of ArcelorMittal, has been appointed Chairman of ArcelorMittal Nippon Steel India Ltd., and Dilip Oommen has been appointed as its chief executive officer.
"ArcelorMittal announces that it has today completed the acquisition of Essar Steel India Ltd., and simultaneously established a joint venture with Nippon Steel Corporation (Nippon Steel), called ArcelorMittal Nippon Steel India Ltd. (AM/NS India), which will own and operate ESIL," ArcelorMittal said in a statement.
ArcelorMittal holds 60 percent of AM/NS India, with Nippon Steel holding the balance.