Global steel giant ArcelorMittal on Monday announced that it has completed the acquisition of Essar Steel from the Ruia family, marking the Luxembourg-headquartered company’s maiden entry into the Indian steel sector.
With the takeover of the Gujarat-based steel behemoth, ArcelorMittal chairman LN Mittal has finally realized his dream of owning a steel business in his home country. While he has a sprawling global business empire, Mittal had been trying for the last decade or so to gain entry into the Indian steel sector but his efforts had proved to be futile.
He had to give up his plans of setting up two plants - 12 million tonnes each in Jharkhand and Odisha- on account of various hurdles.
This story is from the December 17, 2019 edition of Mail Today.
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This story is from the December 17, 2019 edition of Mail Today.
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