Global steel giant ArcelorMittal on Monday said it has completed acquisition of Essar Steel and formed a joint venture with Nippon Steel (AM/NS India) to own and operate the debt-ridden firm.
The deck for acquisition of Essar Steel for ₹42,000 crore by L.N. Mittal-led company was cleared by the Supreme Court last month.
Aditya Mittal, President and CFO of ArcelorMittal, has been appointed Chairman of AM/NS India, and Dilip Oommen has been appointed as its CEO.
"ArcelorMittal announces that it has today completed the acquisition of Essar Steel India Limited (ESIL), and simultaneously established a joint venture with Nippon Steel Corporation (Nippon Steel), called ArcelorMittal Nippon Steel India Limited (AM/NS India), which will own and operate ESIL," ArcelorMittal said in a statement.
ArcelorMittal holds 60 per cent of AM/NS India, with Nippon Steel holding the balance.