ArcelorMittal gets green light to buy bankrupt steel mill for $5.8bn
India’s supreme court allowed Arcelor to pay creditors for Essar Steel India and scrapped a bankruptcy appellate tribunal’s order over rights
16 November 2019 - 09:20
New Delhi/Mumbai — ArcelorMittal won approval from India’s top court to complete its $5.8bn (R85.7bn) purchase of a bankrupt steel mill, clearing the way for tycoon Lakshmi Mittal to enter the world’s second-biggest market for the metal.
The supreme court allowed Arcelor to pay creditors for Essar Steel India and scrapped a bankruptcy appellate tribunal’s order that had given secured and unsecured lenders equal right over the sale proceeds, a three-judge bench headed by justice Rohinton Nariman ruled Friday...
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