NCLT clears ArcelorMittal's takeover of Essar Steel

The National Company Law Tribunal (NCLT) approved steel giant ArcelorMittal SA's takeover bid for debt-ridden Essar Steel, television news channels reported on Friday.

ArcelorMittal, which has been engaged in a drawn-out attempt to acquire Essar Steel since 2017, had made a 420 billion rupee ($5.99 billion) bid for the bankrupt steelmaker. ($1 = 70.1450 rupees)