S Africa nears ₹5,400 cr takeover of Mittal's struggling steel business

South Africa's state-owned Industrial Development Corporation (IDC) has reportedly reached an initial agreement to acquire loss-making steelmaker ArcelorMittal South Africa for about ₹5,400 crore. The company is controlled by billionaire Lakshmi Mittal and his son Aditya Mittal. The proposed deal includes ₹1,620 crore in cash and the assumption of approximately ₹3,780 crore in debt.