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ArcelorMittal Seek Immunity from Future Probes in Essar Steel

Steel News - Published on Wed, 04 Dec 2019

Image Source: ArcelorMittal Esaar Steel
ET, citing four people familiar with the matter, reported that Mr LN Mittal of ArcelorMittal has approached the government seeking immunity from likely future investigations pertaining to Essar Steel and its erstwhile promoters as he wants to avoid a recurrence of any controversy akin to the one involving Bhushan Power and Steel, when the Enforcement Directorate attached the firm’s assets after it is to be acquired by JSW Steel. A source said “ArcelorMittal has held talks with several ministers and civil servants, and has received a positive reply.

Another person said “It has been a long battle for the Mittals, and this is their way of preventing future troubles after they transfer money to the banks. ArcelorMittal is very clear it doesn’t want any ambiguity around any present or future liabilities.”

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Posted By : Arun Huidrom on Wed, 04 Dec 2019
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