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Lakshmi Mittal’s entry into Indian steel market gets a little easier

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Court rejects plea against ArcelorMittal’s bid for Essar Steel

New Delhi — An Indian court rejected on Thursday a petition challenging ArcelorMittal’s proposed takeover of debt-ridden Essar Steel, removing a hurdle in billionaire Lakshmi Mittal’s entry into the country’s fast-growing steel market.

Kapur’s law firm, Phoenix Legal, is representing some of the lenders to Essar Steel, one of 12 large steel and other infrastructure companies that defaulted and were referred to India’s bankruptcy court in 2017. The Essar Steel case has dragged on for about 700 days, with global and local steel firms locking horns to grab Essar’s assets. In April the Supreme Court asked ArcelorMittal to halt payments to Essar Steel’s lenders until various appeals were disposed of in the courts.

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