New Delhi, Nov. 15 -- A new game is set to begin in the Indian steel sector with ArcelorMittal, the world's largest steel company, all set to take over the assets of Essar Steel.
The acquisition is being touted as the country's first fire sale to have witnessed fierce fight for control between rival entities.
The Supreme Court on Friday allowed ArcelorMittal to make payment for Essar Steel India, paving the way for acquisition of the bankrupt steel maker by the Luxembourg-headquartered entity.
Steel sector analysts agreed that ArcelorMittal's might could heat up competition in the Indian market and result in the introduction of a new category of value added product segment that till now is either being imported or is available in lesser ...