A homecoming of sorts for Lakshmi Mittal, as ArcelorMittal is inching closer to its first acquisition in India. The Luxembourg-based steel giant is readying its team that can take control of Essar Steel as soon as the deal is finalized.
The company has finalized office space in Mumbai and has appointed Korn Ferry, LA-based management consultancy, to hire senior executives for the new team in India.
Arcelor has booked around 300 seats at CoWrks in Mumbai, two people concerned to the matter said. CoWrks is a shared office space provider promoted by Bangaluru-based realty firm RMZ Corp. It is unclear for now when ArcelorMittal plans to start execution from CoWrks and the terms of the lease. The shared workspaces are typically leased for a few months to up to 10 years, said an anonymous CoWrk official.
While ArcelorMittal’s takeover bid for Essar Steel has been approved by the National Company Law Appellate Tribunal (NCLAT), lenders to Essar Steel are debating how the Rs. 42,000 crore upfront cash payment offered by the buyer will be split among various parties.
Read EquityPandit’s Nifty Metal Outlook for the Week