NEW DELHI: ArcelorMittal , the world's largest steel producer, has withdrawn from bidding for bankrupt Bhushan Power & Steel after it conducted due diligence on the Indian company.ArcelorMittal informed the Bhushan Power & Steel committee of creditors of its decision through a letter sent by its financial advisor Goldman Sachs, according to people with knowledge of the matter. The letter sent by Goldman Sachs did not specify why ArcelorMittal withdrew. ArcelorMittal is said to be in the fray for Essar Steel and for Bhushan Steel , a company owned by an estranged member of the family that owns Bhushan Power. Luxembourg-based ArcelorMittal also owns 30% in Uttam Galva Steel.ArcelorMittal had not responded to ET's queries till press-time Tuesday. The fair value of the assets was almost double the initial liquidation value estimate put together by Duff & Phelps and PricewaterhouseCoopers, according to the bankers.

Source: Economic Times January 23, 2018 17:29 UTC