According to sources Arcelor Mittal said that its subsidiary Arcelor Mittal India Pvt Ltd (AMIPL) has submitted an offer for Essar Steel India Limited in line with the corporate insolvency resolution process for Indian steel company. Meanwhile in its offer, AMIPL set out a detailed industrial plan for the debt laden steel maker to address its operational issues and aimed at improving its performance and profitability.
Accordingly Essar provides a compelling opportunity for us to enter the high growth Indian steel market. The offer submitted today by AMIPL includes a detailed investment plan to address operational issues in Essar's existing asset base. Arcelor Mittal Chairman and CEO Lakshmi Mittal said "With their industry expertise and renowned operating prowess, they believe that they are uniquely equipped to implement a successful turnaround which would be beneficial to its stakeholders".
As per the statement "Essar Steel is an integrated flat steel
producer and has a crude steel capacity of 9.6 million tonnes per annum,
although the current maximum achievable crude steel production level is 6.1
million tonnes per annum, due to a bottleneck in the steel making and casting
This Photo of Prince Louis and Mother Kate is going 'VIRAL' Well, Prince Louis is taking the Internet by storm even before his tooth comes out. A Photo of Prince Louis along with his mother Kate Middleton is taking the Internet by storm. The photo was clicked by Matt Porteous and it was released on the Social media by the Kensington Palace.
- 11-Year-Old Girl was Sexually Harassed by 15 men for 7 months in various places
- Parliament Session begins Tomorrow - Controversial Bills to be Passed?
- Pawan Failed to STOP: Renu Desai REVEALS !!
- Why Croatia Coach reacted badly after France won FIFA 2018?
- TN CM conveyed to Centre to admit students to AYUSH courses based on NEET
- Apple definitely worried in market that sells 3.2 million handsets in a year
- How mishap happened during PMs Rally at WB
- Excitement continues for France after winning FIFA World Cup 2018
- Heavy rains lashed Kerala, reliable camps functioning
- Lieutenant Governor Kiran Bedi warned SVMCH College to a fee dispute
- Former Indian Cricket Captain Mohammed Azharuddin ready to fight 2019 Polls
- Controversy after ADMK MLA condoles Rowdy death!
- Trump and his discussion with Putin!
- Why so many IT Raids in Tamil Nadu?
- Gopu and Babu join BJP!