ArcelorMittal paying 39,500 cr for Essar Steel

The world's largest steel maker ArcelorMittal is in effect paying Rs 39,500 crore and not Rs 42,000 crore for buying Essar Steel as the remaining sum is being adjusted towards outstanding of an associate business, senior counsel KapilSibal Monday alleged in the NCLAT. Appearing on behalf of Standard Chartered, which is seeking to be treated at par with the secured financial creditor for its claim of Rs 3,500 crore, Sibal said bankers have clubbed Orissa Slurry Pipeline Ltd with Essar Steel in the auction to recover unpaid loans.