The committee of creditors of the debt-laden Essar Steel India Ltd. has chosen ArcelorMittal SA and Japan’s Nippon Steel & Sumitomo Metal Corp as the winning bidders for the asset, Nippon Steel said in a statement on Friday.
The two companies would pay a total of $5.7 billion to buy Essar Steel, a Nippon Steel spokesman said. ArcelorMittal would own a majority stake, and Nippon Steel a nearly equal stake.
“The acquisition will be implemented subject to the approvals of Indian National Company Law Tribunal and other relevant authorities,” the statement said.
The announcement potentially brings to a close a year-long tussle for one of the most attractive assets under the new insolvency process in India. Read More