Shardul Amarchand Mangaldas advises ArcelorMittal India Private Limited on acquisition of Indian Steel Corporation for Rs 897 Crore

May 23, 2023

Shardul Amarchand Mangaldas advised ArcelorMittal Nippon Steel India Limited in the structured acquisition of Indian Steel Corporation Ltd. through Corporate Insolvency Resolution Process. Pursuant to the resolution plan, AM Mining India Private Limited (the successful resolution applicant will own 100% equity in Indian Steel Corporation Ltd. (the corporate debtor). The deal was valued at Rs 897 Cr. and the deal is effective from 6^th May 2023.

 

Acquisition of Indian Steel Corporation Ltd. further consolidates the ArcelorMittal Group’s recent foray into the Indian steel business and will enhance its downstream capabilities.

 

The deal team comprised of Veena Sivaramakrishnan, Equity Partner; Soummo Biswas, Partner; Varun Marwah, Senior Associate; Sirhaan Seth, Associate.

 

The litigation team comprised of Meghna Rajadhyaksha, Partner; Kriti Kalyani, Senior Associate; Harit Lakhani, Associate.

 

Pallavi Shroff provided key strategic inputs on structuring of the transaction.

 

The due diligence team for:

 

Projects and corporate law related aspects comprised of Deepto Roy, Equity Partner; Rohit Rajagopal, Principal Associate; Varnika Mohan, Principal Associate; Anjuli Hora, Associate; Annapoorani Ramu, Associate.

 

Banking law related aspects comprised of Soummo Biswas, Partner; Parth Gokhale, Partner; Varun Marwah, Senior Associate.

 

Real estate law related aspects comprised of by Radhika Dudhat, Partner; Rachna Bagri, Counsel; Aditi Rastogi, Associate.

 

Employment law related aspects comprised of Pooja Ramchandani, Partner; Suryansh Gupta, Senior Associate, Istuti Kapoor, Associate.

 

Insurance law related aspects comprised of Ashish Teni, Partner; Uday Opal, Principal Associate; Anupam Choudhary, Senior Associate.

 

Competition law related aspects was handled by Gauri Chhabra, Partner.

 

S&R Associates advised the Committee of Creditors and Equilex was the counsel for the resolution professional, Mr. Ajay Joshi.