Arcelor Mittal raises bid for Essar Steel
Arcelor Mittal is understood to have revised its offer for the bankrupt Essar Steel to ?42,000 crore, against Russia’s VTB Group-backed NuMetal’s offer of ?37,000 crore and Vedanta’s ?34,000 crore. “ArcelorMittal confirms that it has submitted a revised proposal to Essar Steel India Limited’s (ESIL) Committee of Creditors (CoC) for the acquisition of ESIL,” the company said in a statement without disclosing the amount offered. “The financial terms of the proposal are confidential, but represent a material increase to the previous offers made by the company. The revised offer, which includes a commitment to pay the entire amount due to the financial creditors of Uttam Galva and KSS Petron, therefore, represents unprecedented value to all concerned creditors,” said the company. “Through the revised offer, ArcelorMittal demonstrates its serious commitment to India, creditor banks and all ESIL’s stakeholders,” the statement added.
Tags : ALLIED