Assurance to Mittal on expansion
Global steel major ArcelorMittal is keen to expand its presence in India, steel minister Dharmendra Pradhan said on Saturday.
Pradhan, who met ArcelorMittal chairman and CEO Lakshmi Niwas Mittal here, assured him full support to leverage the country’s large market.
The meeting comes a day after ArcelorMittal initiated payment of Rs 42,000 crore for acquiring debt-laden Essar Steel, which it had won in an insolvency process.
“Had a fruitful meeting with Lakshmi Niwas Mittal, chairman and CEO of ArcelorMittal. We had wide ranging discussions on ways to boost domestic steel production through technology upgradation and attracting more investments in the steel sector,” Pradhan said in a tweet.
In another tweet, the minister said ArcelorMittal was keen to expand its presence in India and has assured the company full support and cooperation to help leverage India’s large market and rising demand.
The decks for the acquisition of Essar Steel by Arcelor were cleared by the Supreme Court last month. Essar Steel was auctioned under the new IBC Code to recover Rs 54,547 crore of unpaid dues of financial lenders and operational creditors.