ArcelorMittal India Pvt Ltd. welcomes National Company Law Tribunal (NCLT) order on Indian Steel Corporation Limited
ArcelorMittal India Pvt Ltd. welcomed the order of the National Company Law Tribunal (NCLT), approving the company’s subsidiary AM Mining India Private Ltd.’s Resolution Plan for Indian Steel Corporation Limited (ISC).
ArcelorMittal India Pvt Ltd. looks forward to implementing the recently passed resolution plan in due course.
With an annual capacity of 600,000 Tonnes Per Annum, Gujarat-based ISC is a steel processing company with operations spanning cold-rolled, galvanised, and colour-coated steel products. The port-based state-of-the-art facility specialises in manufacturing value- added steel products that cater to the automotive, construction, home appliance, and general engineering sectors.
With an established OEM customer base, the plant also has a service centre within its premises.
Commenting on the development, Mr. Dilip Oommen, Executive Vice President, ArcelorMittal, said, “The acquisition of Indian Steel Corporation 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.”