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Business deals

Nippon Steel and ArcelorMittal complete Indian steelmaker buyout

Long-sought takeover of Essar Steel realized after multiple court battles

ArcelorMittal and Nippon Steel have obtained a foothold in India, a country that targets big growth in steel production capacity.   © Reuters

TOKYO -- ArcelorMittal and Japan's Nippon Steel have completed their 500 billion rupee ($7 billion) takeover of Essar Steel India after a marathon series of court battles.

The partners said Monday they will operate the Indian steelmaker through a joint venture. Nippon Steel takes a 40% stake through the deal, making it the biggest offshore acquisition in the company's history.

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