SC nod to ArcelorMittal's Essar Steel takeover paves way for Aditya Mittal's India foray
The new management of Essar Steel may be headed by Aditya Mittal, who is the President and Chief Financial Officer of ArcelorMittal. He is also the CEO of ArcelorMittal Europe
- Nov 16, 2019,
- Updated Nov 16, 2019 1:35 PM IST
The stage is set for the princely entry of Aditya Mittal, the 43-year-old son of billionaire Lakshmi Niwas Mittal, in Indian business. The London-based Mittal family-controlled ArcelorMittal-- the world's largest steel manufacturing company-- has won the legal battle to acquire bankrupt Essar Steel after two-year-long insolvency proceedings. The Supreme Court, on November 15 approved the Rs 42,000 crore takeover plan of ArcelorMittal.
Essar Steel, which has 10 million tonnes (MT) steel manufacturing complex in Hazira, Gujarat, is expected to be handed over to ArcelorMittal management in a month's time as when payments to lenders are made, said legal sources. The new management may be headed by Aditya Mittal, who is the President and Chief Financial Officer of ArcelorMittal. He is also the CEO of ArcelorMittal Europe.
Aditya Mittal has been leading the negotiations to acquire Essar Steel since 2017. A team led by the Mittal scion began the first round of due diligence on November 17, 2017, starting with a visit to Hazira plant of Essar. The workers who were present in the plant then were star-struck to see young Mittal, who walked into the plant, wearing safety gear. He took a close look at the production capabilities of Essar and had a long chat with workers.
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The stage is set for the princely entry of Aditya Mittal, the 43-year-old son of billionaire Lakshmi Niwas Mittal, in Indian business. The London-based Mittal family-controlled ArcelorMittal-- the world's largest steel manufacturing company-- has won the legal battle to acquire bankrupt Essar Steel after two-year-long insolvency proceedings. The Supreme Court, on November 15 approved the Rs 42,000 crore takeover plan of ArcelorMittal.
Essar Steel, which has 10 million tonnes (MT) steel manufacturing complex in Hazira, Gujarat, is expected to be handed over to ArcelorMittal management in a month's time as when payments to lenders are made, said legal sources. The new management may be headed by Aditya Mittal, who is the President and Chief Financial Officer of ArcelorMittal. He is also the CEO of ArcelorMittal Europe.
Aditya Mittal has been leading the negotiations to acquire Essar Steel since 2017. A team led by the Mittal scion began the first round of due diligence on November 17, 2017, starting with a visit to Hazira plant of Essar. The workers who were present in the plant then were star-struck to see young Mittal, who walked into the plant, wearing safety gear. He took a close look at the production capabilities of Essar and had a long chat with workers.
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