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Mittal Fulfils Indian Dream With Takeover Of Essar Steel
Mail Today
|December 17, 2019
Son Aditya Mittal to be chairman of JV with Japan’s Nippon Steel
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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.
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