March 8, 2019 / 1:00 PM / 3 months ago

India's bankruptcy court clears ArcelorMittal's takeover of Essar Steel - TV

March 8 (Reuters) - India’s 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 Indian steelmaker. ($1 = 70.1450 Indian rupees) (Reporting by Chris Thomas in Bengaluru; Editing by Shreejay Sinha)

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