ArcelorMittal says facing 'risks' like excess capex on proposed Essar acquisition
Updated : February 25, 2019 11:24 PM IST
The world's largest steelmaker ArcelorMittal's takeover proposal of the Essar Steel India Ltd (ESIL), via a joint venture with Nippon Steel & Sumitomo Metal Corporation (NSSMC), in a bankruptcy resolution process has been approved by the committee of creditors (CoC) and is pending before the National Company Law Tribunal (NCLT).
It said while the company has "substantial experience in turnaround situations", the scale of this one is particularly large and it is the company's inaugural large-scale acquisition in India, an emerging market.
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