With this, the final ownership of Essar Steel is likely to be a three-way fight, but legal challenges remain around the bids of both ArcelorMittal and Numetal. Essar Steel owed lenders around Rs45,000 crore, of which Rs31,671 crore had become non-performing as of 31 March 2016. Essar Steel Hazira is the country’s largest single-location flat steel plant. Mint reported in October that Tata Steel Ltd had expressed preliminary interest in acquiring debt-laden Essar Steel’s Hazira plant in Gujarat. Requests for comment sent to ArcelorMittal, Nippon Steel, Tata Steel, VTB Capital and Satish Kumar Gupta of Alvarez and Marsal (A&M), the interim resolution professional for Essar Steel, remained unanswered.

Source: Mint February 12, 2018 05:15 UTC