Barring an adverse decision from India’s National Company Law Tribunal, which has to sign off on the acquisition, the decision seemingly hands ArcelorMittal and partner Nippon Steel and Sumitomo Metal Corp. one of the India’s leading flat steel producers. 

ArcelorMittal’s offer includes a payment worth the equivalent of US$5.7 billion to pay down debt and a promise to inject the equivalent of US$1.1 billion in fresh capital into the business. 

In a statement, ArcelorMittal said it intends to increase shipments to 8.5 million metric tons over the next few years by finishing up ongoing capital projects, improving efficiencies and, later, commissioning new equipment. 

“A long-term aspiration to increase finished steel shipments to between 12 and 15 million metric tons through the addition of new iron and steelmaking assets, in order that Essar Steel can play an active role and fully benefit from the anticipated growth in the Indian steel industry,” ArcelorMittal said. 

The Indian news service PTI has more coverage here.