Our Special CorrespondentMumbai: Lenders, led by the State Bank of India (SBI), are understood to have decided against inviting new bids for Essar Steel. The decision comes just two days after the bankers' consortium had rejected the two bids submitted by ArcelorMittal and Numetal for Essar Steel since they were ineligible under Section 29 (A) of the Insolvency and Bankruptcy Code (IBC). This would also include those who had submitted expressions of interest such as Tata Steel, Nippon Steel, SAIL and Vedanta. However, there has been a loud buzz that some new players want to join the race for Essar Steel. Meanwhile, Vedanta Ltd is unlikely to participate in the second round of bidding for Essar Steel, according to a source.

Source: The Telegraph March 23, 2018 19:41 UTC