ArcelorMittal wins majority stake in Essar Steel buyout

ArcelorMittal wins majority stake in Essar Steel buyout

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.

Essar Steel lenders clear ArcelorMittal-Nippon Steel’s resolution plan

* If the plan is cleared by the NCLT, it will also mark the Luxembourg-headquartered company’s India entry. * Essar Steel was one of the first 12 large defaulters to be identified by RBI last year to be sent to NCLT for insolvency proceedings.

Essar Steel lenders clear ArcelorMittal-Nippon Steel’s resolution plan

Over 92 percent of Essar Steel’s committee of creditors (CoC) voted in favour of ArcelorMittal-Nippon Steel’s resolution plan, said people familiar with the matter. Under the Insolvency and Bankruptcy Code (IBC)

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