The stage is set for the princely entry of Aditya Mittal, the 43-year-old son of billionaire Lakshmi Niwas Mittal, in Indian business. The London-based Mittal family-controlled ArcelorMittal– the world’s largest steel manufacturing company– has won the legal battle to acquire bankrupt Essar Steel after two-year-long insolvency proceedings. The Supreme Court, on November 15 approved the Rs 42,000 crore takeover plan of ArcelorMittal.
Essar Steel, which has 10 million tonnes (MT) steel manufacturing complex in Hazira, Gujarat, is expected to be handed over to ArcelorMittal management in a month’s time as when payments to lenders are made, said legal sources. The new management may be headed by Aditya Mittal, who is the President and Chief Financial Officer of ArcelorMittal. He is also the CEO of ArcelorMittal Europe Read More
Latest posts by businesstoday.in (see all)
- Will the subdued IPO hurt Saudi Aramco’s investment plans in India? - December 10, 2019
- Gail India offers up to 10 LNG cargoes for loading from US: report - December 5, 2019
- Tata Power seeks global investors through InvIT for renewable portfolio, says CEO Praveer Sinha - November 28, 2019