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India: CCI approves ArcelorMittal’s acquisition of Essar Steel

By  |  September 20, 2018

The Competition Commission of India (CCI has approved the acquisition of debt-ridden Essar Steel by a consortium of ArcelorMittal and Japan’s Nippon Steel & Sumitomo Metal Corporation.

“@CCI_India finds no appreciable adverse effect on competition in respect of ArcelorMittal and Nippon Steel & Sumitomo Metal’s proposed acquisition of Essar Steel,” the fair trade regulator said in a tweet on Thursday.

ArcelorMittal India is an arm of ArcelorMittal, the world’s leading steel and mining company with a presence in 60 countries and an industrial footprint in 18 nations.

In a separate tweet Thursday, the CCI said it “finds no appreciable adverse effect on competition in respect of JSW Steel’s proposed acquisition of Bhushan Power & Steel”.

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