"Selling one stressed asset, the Ruias are bound to argue, doesn't make Mittal eligible to buy another. Yet, as things stand, the ArcelorMittal bid is higher than that of a consortium led by Russia’s state-controlled VTB Group, which includes the Ruias. The Tatas have offered $5.6 billion for Bhushan Steel Ltd., another troubled borrower. Lawyers will make their money long before India's struggling creditors see a penny. (This column does not necessarily reflect the opinion of Bloomberg LP and its owners.)

Source: Economic Times February 26, 2018 23:03 UTC