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Arcelor Mittal tells NCLAT: Will pay ₹42,000 cr for Essar Steel

May 21, 2019 15:29 IST

Global steel major ArcelorMittal has told the National Company Law Appellate Tribunal or NCLAT that it would pay Rs 42,000 crore, for acquiring debt-laden Essar Steel under the insolvency process. The NCLAT will continue hearing the Essar Steel insolvency case on Tuesday. Earlier, Essar Steel Asia Holdings Ltd , a shareholder of Essar Steel Ltd, has alleged that ArcelorMittal’s chairman and CEO L.N. Mittal, had suppressed vital facts that would otherwise render him ineligible to offer a buyout plan for the distressed steel mill.