ArcelorMittal won approval from Supreme Court of India to complete its Rs 42,000 crore (USD 5.8 billion) purchase of bankrupt Essar Steel, clearing the way for tycoon Lakshmi Mittal to enter the world’s second-biggest market for the metal. This is the biggest takeover of bad debts in Indian corporate history, after the Insolvency and Bankruptcy Code was implemented.

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