In a major victory for the Arcelor-Mittal consortium, the Ahmedabad Bench of the NCLT, approved its bid of Rs.42000 crores, for the takeover of the debt laden Essar Steel.The takeover proposal of Arcelor-Mittal envisages an immediate upfront payment of Rs.42000 crores, which will be used to pay off lending banks and other creditors of the embattled Essar Steel. The question arises, is the game over for Essar Steel? Mr. Akhilesh Bhargava, Business Editor of HW News, shares his insights on the matter.
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