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ArcelorMittal chosen to takeover Essar Steel

ArcelorMittal, the world's largest steelmaker has declared on Friday that the lenders of Essar steel have chosen them to take over the debt-ridden company. The lenders have auctioned Essar Steel to recover from the Rs 49,000 crore loans of the Essar Steel and ArcelorMittal will settle that loan by paying Rs 42,000 crore upfront and later by an Rs 8,000 financial injection to support the ongoing operations.