Mumbai: Sometime late last summer, Shashi Ruia went for tea to the palatial Mittal residence at the leafy Kensington Palace Gardens. We don’t yet have a steel-making presence in India,” says Mittal finally breaking his silence. “India saved them to offset the bleed from Tata Steel Europe,” explains the executive.For Aditya and his team, Essar Steel , despite its complex corporate structure presented the best strategic fit. The JV is similar to the one the company has in China with Hunan Iron and Steel or even with SAIL in India. Scrapping both would mean start afresh and further prolonging the uncertainty over a large strategic asset.But is there a plan B for ArcelorMittal in case Essar Steel bid misfires?“The most exciting opportunity for us is Essar.

Source: Economic Times March 09, 2018 01:59 UTC