Photo: BloombergNew Delhi: ArcelorMittal on Friday said it has entered into a joint venture pact with Nippon Steel & Sumitomo Metal Corporation (NSSMC) to jointly acquire the assets of Essar Steel. Ltd (AMIPL) had submitted a resolution plan for Essar Steel on 12 February, which outlined the intention to have NSSMC formally join its bid for Essar Steel. Essar Steel was among the initial 12 companies identified by the Reserve Bank of India (RBI) for insolvency proceedings. “Should the submitted resolution plan be selected and formally accepted by India’s National Company Law Tribunal, ArcelorMittal and NSSMC would jointly acquire and manage Essar Steel,” ArcelorMittal said in a statement. “Partnering with NSSMC for Essar Steel was always our intention and adds further strength to our offer.

Source: Mint March 03, 2018 00:22 UTC