India: ArcelorMittal, Nippon win creditors' approval to buy Essar Steel for $5.7b

India: ArcelorMittal, Nippon win creditors' approval to buy Essar Steel for $5.7b

ArcelorMittal Chief Executive Lakshmi Mittal. Photo: Reuters

The committee of creditors of 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 would own a nearly equal stake, he added.

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