India: NCLT approves ArcelorMittal's takeover bid for debt-laden Essar Steel

India: NCLT approves ArcelorMittal's takeover bid for debt-laden Essar Steel

ArcelorMittal Chief Executive Lakshmi Mittal. Photo: Reuters

More than a decade after his first abortive bid, steel baron Lakshmi Niwas Mittal moved closer to his plans to enter the Indian steel industry on Friday. Indian-born Mittal’s steel company, ArcelorMittal SA, is the world’s largest by volume but, ironically, doesn’t have a steel plant to its name in India.

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