ArcelorMittal hopes to close deal for Essar Steel acquisition in Q3

On July 4, 2019, the NCLAT approved our resolution plan for the acquisition of Essar Steel India

ArcelorMittal, the resolution applicant for Essar Steel, is eyeing to close the deal for acquisition in the third quarter after a protracted corporate insolvency resolution process (CIRP). The CIRP application filed by State Bank of India, which has the largest exposure to Essar, was admitted on August 2, 2017, but two years on, it is still work in progress.  

“We are making progress,” ArcelorMittal said in its presentation to investors after the first half results on Thursday but went on to add the legal process was nearing completion and the transaction closing was now expected in 3Q ‘19.

That would have been