A consortium led by which global steel entity acquired debt-ridden Essar Steel?
A. TATA Steel
B. Bhushan Steel
C. SAIL
D. ArcelorMittal
Answer:D
A consortium led by which global steel entity acquired debt-ridden Essar Steel?
A. TATA Steel B. Bhushan Steel C. SAIL D. ArcelorMittal
Explanation: On 19 October 2018, the lenders to bankrupt Essar Steel declared that the highest bid was from the joint venture (JV) of Luxembourg-based ArcelorMittal, promoted by Lakshmi Mittal, and Japan’s Nippon Steel and Sumitomo Metal Corp. Thus the consortium acquired the Indian steel maker and ensured that ArcelorMittal, the world’s largest steelmaker, makes its entry into Indian steel sector. ArcelorMittal-led consortium had tabled a resolution plan that offered Rs. 42,000 crore to buy out Essar Steel’s assets, which had accumulated debt of over Rs. 49,000 crore. Essar steel has a 10 million tonne (mt) per annum mill in Hazira, Gujarat. The company is a fully-integrated flat steel manufacturer.