New Delhi: ArcelorMittal India on Monday said a resolution plan submitted for Indian Steel Corporation by its arm AM Mining India has been approved by the NCLT, Mumbai.
In a statement, ArcelorMittal India Pvt Ltd said it "welcomes National Company Law Tribunal (NCLT) order on Indian Steel Corporation Ltd (ISC)".
It looks forward to implementing the recently passed resolution plan in due course, ArcelorMittal India Pvt Ltd said without sharing any details with respect to the resolution plan submitted for ISC.
With an annual capacity of six lakh tonne per annum (LTPA), Gujarat-based ISC is a steel processing company with operations spanning cold-rolled, galvanised, and colour-coated steel products, it said.
The port-based facility specialises in manufacturing value-added steel products that cater to the automotive, construction, home appliance, and general engineering sectors.
Dilip Oommen, Executive Vice President, ArcelorMittal, said, "The acquisition of ISC will enhance our downstream capabilities and broaden product portfolio as we look to capitalise on market opportunities presented by the steel industry, especially in high value-added steel production. It will also lead to synergies across our downstream operations."
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